Mtechtips MCX-SX USDINR INTRADAY trading analysis 10-10-2016
MTECHTIPS Sell around 67.00-67.10 Target 66.75-66.52. Stop loss above 67.26.Dollar/rupee snapped three-day gains at open Monday as dollar weakened after jobs report from the world’s largest economy showed weaker than expected improvements in the non-farm payroll figures for the month of September.Dollar weakened after US September Jobs report showed addition of 156,000 non-farm payrolls against expectations of 175,000. Market players were expecting jobs data to surprise on upside rather downside, Edugains added.The unemployment rate rose to 5.0% in September from 4.9% in August, reported the Labour Department. However, analysts had expected the unemployment rate to remain unchanged. USDINR traded in between 66.70-67.00 levels and formed a doji candle stick. On the weekly chart which is indicating for bearish trend reversal in USDINR, but pair would need to close above 67.25 in order to trend reversal as this is strong resistance, while since 11 Sep 2016 pair has been struggling to break this level.On the other hand, failure of the breakout only could create probability for downside consolidation towards 66.80-66.50.