Mtechtips MCX-SX USDINR INTRADAY trading analysis 27-01-2016
Mtechtips MCX-SX USDINR INTRADAY trading analysis 27-01-2016
Mtechtips Dollar/rupee in the inter-bank offshore market traded flat, while the dollar index extended fall for the second straight day Wednesday on expectations that the US Federal Bank may not hike rates at its monetary policy.The US Federal Reserve commenced its two-day meet Tuesday which investors expect to be a non-event amid sticky inflation and mixed economic data.The US central bank may not raise interest rates at its meeting which concludes later today, which hurt the dollar index. After hitting a low 67.7325 USDINR rebounded towards 68.18 on Monday.Intraday price action resulted in formation of long bullish candle stick which is indicating for bullishness in Today, USDINR trading at 68.31 slightly positive and trend trend is expect to remain volatile. Immediate resistance is seen at 68.35 and sustain trade on closing basis in order to give bullish move towards 68.52-68.80, else short term consolidation could expect in between 67.65-68.15 before next bullish move.
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