Mtechtips MCX-SX USDINR INTRADAY trading analysis 08-08-2016
MTECHTIPS USD-INR continued its recent slightly bearish trend and settled at 67.00 compare to previous close of 67.29 levels. The upper house of the Parliament has passed the long-pending Goods and Service Tax (GST) Bill on Wednesday which contributed selling activities in the pair. Adding to this, higher than expected quantitative easing by the Bank of England to mitigate the impact of Brexit also added weakness in the USDINR. Technically, symmetrical triangle break down was noted on the weekly chart which is indicating for correction towards 66.50 and below. On the other hand, massive resistance likely to seen at 67.85 and a break above only will expect to test 68.25-68.55.
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