Mtechtips MCX-SX USDINR INTRADAY trading analysis 30-09-2016

Mtechtips MCX-SX USDINR INTRADAY trading analysis 30-09-2016

MTECHTIPS Dollar/Rupee retraced more than 0.27% and trading below 67.00 levels, while dollar Index up post upbeat US econ dataThe greenback rose against its major rivals post better than expected US economic data.On the economic front, US gross domestic product increased by more than previously estimated in the second quarter as non-residential fixed investment, private inventory investment, and exports increased, said the Commerce Department in a report on Thursday.The report said second quarter GDP climbed by 1.4% compared to the previously reported 1.1% increase. However, economists had expected the pace of GDP growth to be upwardly revised to 1.3%.Initial jobless claims for US rose by less than expected in the week ended Sep 24, according to a report released by the Labour Department on Thursday.The report said first-time claims for unemployment edged up to 254,000, an increase of 3,000 from the previous week’s revised level of 251,000.Economists had forecasted jobless claims to climb to 260,000 from the 252,000 originally reported for the previous week.Meanwhile, US pending home sales dropped in the month of August after reporting a jump in the previous month, the National Association of Realtors released a report on USDINR witnessed sharp bounce back from the low of 66.6825 and tested 67.225 before closing at 67.1750 levels. Intraday price action resulted in formation of long bullish candle stick which point for bearish trend reversal in USDINR, but pair would need to close above 67.25 in order to test 67.45-67.65. As pair yet remained below its immediate resistance of 67.25 on closing basis which is yet creating probability for correction towards 66.90-66.65Hence, every rise towards 67.10-67.15 is expect to attract selling activities with stop loss above 67.25.

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