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Mtechtips MCX-SX USDINR INTRADAY trading analysis 21-10-2016

Friday, October 21, 2016 1:42
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Mtechtips MCX-SX USDINR INTRADAY trading analysis 21-10-2016

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MTECHTIPS Dollar/rupee snapped two-day fall Thursday on dollar buying by nationalized banks likely on behalf of oil importers and the dollar index traded higher Friday as investors grew more optimistic on the prospects of a rate increase this year by the Federal Reserve Bank after a better than expected US economic data.  Also, the greenback gained grounds following the announcement of the European Central Bank.Technical, USDINR settled at 66.83 compare to previous day close of 66.7475 levels. The trading range has been narrow to downwards since Monday. 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

WWW.MTECHTIPS.COM

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