Mtechtips MCX-SX USDINR INTRADAY trading analysis 03-02-2016
Mtechtips MCX-SX USDINR INTRADAY trading analysis 03-02-2016
Mtechtips The Indian rupee extended fall against the dollar as overseas investors sold the local currency after selling stocks while yield on the new 10-year bond was set to post its biggest single-day gain in a month after the Reserve Bank of India said it will stay on disinflationary path.
USDINR witnessed 0.19% recovery and settled at 68.2625. In near term any rise towards 68.35-68.45 could attract selling pressure following to the double top formation on EOD chart which is yet favoring for weakness on every rise unless it gives a closing above 68.60 levels. On the other hand, USDINR would need to trade above 68.60, in order to test 68.75 and 69.00.
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