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Mtechtips MCX-SX USDINR INTRADAY trading analysis 06-10-2016

Wednesday, October 5, 2016 22:20
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Mtechtips MCX-SX USDINR INTRADAY trading analysis 06-10-2016


MTECHTIPS Dollar/rupee and the dollar index little changed during early Asian trades Thursday as mixed performance from the world’s largest economy created uncertainty over the Federal Reserve rate hike trajectory.However, investors will focus on the US jobs report due Friday, for a clearer reading on the health of the labour market in the world’s largest economy.The greenback traded flat during Asian trades against its major peers after mixed US economic data and hawkish comments from the Federal Reserve officials.On economic front, US private sector employment rose by less than expected in the month of September, according to a report released by payroll processor ADP on Wednesday.ADP said private sector employment increased by 154,000 jobs in September after climbing by a downwardly revised 175,000 jobs in August. However, economists had expected employment to rise by about 170,000 jobs compared to the increase of 177,000 jobs originally reported for the previous month.Meanwhile, US trade deficit unexpectedly widened in the month of August with the value of imports rising by more than the value of exports, the Commerce Department released a report on Wednesday.The report said the trade deficit widened to $40.7 billion in August from $39.5 billion in July, while economists had forecasted the deficit to narrow to $39.0 billion.New factory orders for US manufactured goods reported a sharp increase in August; the Commerce Department released a report on Wednesday.USDINR traded in between its previous day range and settled at 66.7450 almost flat.  Since, 3 Oct 2016, pair struggling to break its immediate resistance 66.90 which is coincide with 23.8% Fibonacci Retracementwhich creating probability for bearishness towards 66.55-66.40 in days to come. Further, pair would need to trade above 67.25 in order to test 67.55-67.70



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