Mtechtips MCX-SX USDINR INTRADAY trading analysis 24-10-2016
MTECHTIPS Sell below 66.92 Target 66.70-66.55. Stop loss above 67.10OR May buy with stop loss below 66.92 Target 67.25.USDINR fluctuated in between small gains and losses on dollar buying by oil importers and settled at 66.90, up 0.155. Uncertainties ahead of the FCNR redemptions and US Presidential elections kept investors away from taking fresh trading position. Meanwhile, pair rebounded from the weekly low of 66.7025 on expectation of a Federal Reserve rate hike by end of the year amid dollar buying by oil importers to meet their month-end requirement. Technical, since 25 September 2016, USDINR had been in neutral trend and squeezed in between cluster of support 66.90 and resistance 67.45. Hence, the above consolidation is likely to continue in near term unless it gives either side break.On the upside, a break out above 67.45 only could open the door for upside move towards 67.65-67.80.