Mtechtips MCX-SX USDINR INTRADAY trading analysis 31-03-2016

Mtechtips MCX-SX USDINR INTRADAY trading analysis 31-03-2016

MTECHTIPS :- Dollar/rupee settled down by 0.64% at 66.6325 levels, while the dollar index declined to near two-week low as fears of a near term rate hike in the world’s biggest economy waned after key Federal Reserve officials including the central bank chief Janet Yellen said they will be cautious with rate increases.After breaching the previous swing low 66.90, USDINR tested 66.5825 and settled at 66.63. Short term trend continues to look bearish following to above breakdown.However, Financial Year ending related volatility could expect in the pair. With that in mind, any rise towards 66.90-67.00 is expected to give an opportunity to establish a short position. Immediate support is 66.45 below it will expect to test 66.25-66.00.On the other hand, sustain trade above 67.20 on closing basis only could expect to test 67.50 and above.

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