Mtechtips MCX-SX USDINR INTRADAY trading analysis 22-08-2016

Mtechtips MCX-SX USDINR INTRADAY trading analysis 22-08-2016
MTECHTIPS Sell around 67.30-67.35 Target 67.00-66.85. Stop loss above 67.45. Dollar/rupee extended its neutral trend for third consecutive week as investors refrained to make new positions ahead of the release of US FOMC minutes of the Jul 26-27 meet while Indian foreign exchange market remained closed for holiday on Monday and Wednesday which also contributed range bound sentiment. Technically, on the weekly chart a formation of hammer candle stick with almost similar bottom is creating probability for short term recovery before any next bearish move in USDINR. However, pair yet trading below the symmetrical triangle which yet pointing limited upside move towards 67.45-67.50. Further, crucial support the week is seen at 66.84 and USDINR would need to trade below this level in order to test 66.55-66.30.

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