Mtechtips MCX-SX USDINR INTRADAY trading analysis 10-03-2016
Mtechtips MCX-SX USDINR INTRADAY trading analysis 10-03-2016
MTECHTIPS :- Dollar/rupee ended up Wednesday on likely overseas funds inflow into local stocks tracking the recovery in oil prices and European stocks, while the dollar index extended gains for the second straight day Thursday as risk aversion in global financial markets continued amid caution ahead of European Central Bank’s policy meet outcome.USDINR failed to break above 67.85, and retraced more than 0.25% from the day high 67.78. A long bearish candle stick is indicating for weakness in USDINR and Today a break below 67.32 may show correction towards 67.00 and below. On the other hand, short term resistance is seen at 67.80 which coincide with 23.8% Fibonacci Retracement level and USDINR would need to trade above resistance in order to test 68.00-68.40. Sell below 67.30 Target 67.10-66.90. Stop loss above 67.50.
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