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Mtechtips MCX-SX USDINR INTRADAY trading analysis 2-08-2016

Monday, August 1, 2016 23:02

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Mtechtips MCX-SX USDINR INTRADAY trading analysis 2-08-2016

Sell around 67.15-67.20 Target 66.90-66.75. Stop loss above 67.35.Dollar/rupee ended down Monday for the fifth consecutive session to hit a seven-week low Monday tracking weakness in the greenback post dismal US quarter-two Gross Domestic Product (GDP) amid overseas funds inflow into local debt market.Technical, USDINR continued its recent bearish trend on Monday and after hitting a low of 66.9725 settled at 67.0475. For the short term perspective USDINR is expect to remain bearish following to three black crows candle stick pattern on EOD chart, while recent break down is looking like bearish Flag pattern which also indicating for bearishness in the pair. On the other hand, near term resistance is seen at 67.35, sustain trade above will expect to show recovery towards 67.50-67.65

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