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Mtechtips MCX-SX USDINR INTRADAY trading analysis 20-10-2016

Wednesday, October 19, 2016 23:09
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Mtechtips MCX-SX USDINR INTRADAY trading analysis 20-10-2016


MTECHTIPS The Indian rupee appreciated for the second straight day Wednesday on dollar selling by foreign banks amid the release of dismal core CPI data in the US while bond yields rose on likely selling by state-run banks amid a sharp rise in Brent crude oil prices.Technical, USDINR settled at 66.7425 compare to previous day close of 66.79 levels. The trading range has been narrow to downwards over the past three sessions. On the EOD chart pair settled below its immediate resistance 66.87, while since 3 Oct 2016, USDINR is struggling to break its strong resistance 67.25 on closing basis both of which creating probability for downside consolidation towards 66.90-66.75. On the other hand, closing above 67.25 only could open the door for upside move 67.45-67.65



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