Mtechtips MCX-SX USDINR INTRADAY trading analysis 31-08-2016
MTECHTIPS India is set to release its gross domestic product later today, which will give hint on the pickup in its economic activities.Having got up to 7.9 percent in the March quarter, gross domestic product growth in the June quarter is forecast at around 7.6 percent largely due to weak domestic and external demand, according to economists polled by Reuters.Government Finances Apr-Jul Fiscal deficit (pct of Budget estimate) previous 61.1%Meanwhile, investors will look forward to the release of US Non-Farm Payroll data due this week as it will be the final crucial data point before the Federal Open Market Committee meets on Sep 20-21.Technical, USDINR was unable to break its immediate resistance 67.65, and retraced from the day high 67.45. In near term any rise towards 67.45-67.50 expects to attract selling activities for the target 67.10-66.95. On the upside, massive resistance is seen at 67.65 sustain trade above only could open the door for 67.85-68.10
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