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Mtechtips MCX-SX USDINR INTRADAY trading analysis 11-01-2016
Mtechtips Dollar/rupee gained more than half percent last week, after china allowed the biggest fall in the Yuan in five months, which pressurized global currencies and stock market. Fed minutes had a negative impact on the dollar, but it recovered from the low of 98.24 after better than expected NFP data. Technically, after hitting a high of 67.14 pair went back towards 66.7625 and settled at 66.825 while remained above 66.35 during the course of the week, and formed a very neutral candle stick. This week any downside consolidation 66.40-66.50 may attract buying activities for the target 67.20 and above. On the downside, correction is expected to come below 66.35 levels only. Target would be 66.00-65.80.
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