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Mtechtips MCX-SX USDINR INTRADAY trading analysis 18-01-2016

Monday, January 18, 2016 0:31

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Mtechtips MCX-SX USDINR INTRADAY trading analysis 18-01-2016

Mtechtips Recommendation. Buy above 67.95. Target 68.24-68.70. Stop loss below 67.60 (LTP : 67.72)Important factor/data from India/U.S:U.S. CPI m/dollar/rupee continued its bullish trend for third consecutive week and settled at 67.72, on overseas outflows from local shares after oil prices plunged to a fresh 12-years low on concerns over global macro-economic health.Technically, after breaking out the previous swing high, USDINR saw abrupt bullish rally and tested 67.8050 levels before closing at 67.78 levels, near term trend turn out to be bullish in USDINR following the above breakout. Immediate resistance is seen at 67.95 which coincide with 76.8% Fib Price Ext of previous swings and sustained move above this level, the pair may test 68.25-68.80 levels and above, else any downside consolidation towards 67.20-67.00 could attract huge buying activities

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