Mtechtips MCX-SX USDINR INTRADAY trading analysis 11-03-2016
Mtechtips MCX-SX USDINR INTRADAY trading analysis 11-03-2016
MTECHTIPS :- Dollar turned broadly lower against the other major currencies on Thursday, erasing a more than 1% rally after European Central Bank President Mario Draghi said interest rates aren’t likely to be cut again. Asian stocks traded down on Friday morning after the European Central Bank unveiled a stimulus package that was more aggressive than economists had expected.The European Central Bank President Mario Draghi cut interest rates, pushing the deposit rate deeper into negative territory, and increased monthly bond purchases under its asset-buying program. It also announced a new program of cheap loans for banks that it hopes will promote lending, as well as its intention to buy bonds issued by non-financial companies.However, ECB indicated that bank doesn’t anticipate cutting interest rates further into negative territory in the future.Meanwhile, investors are focused on Fed’s monetary policy meeting scheduled on Tuesday. Technically, mild recovery could expect in dollar index. Immediate resistance is seen at 96.50 above will expect to test 96.88-97.00. On the downside, crucial support is seen at 95.90 below it will expect to test 95.60-95.40.
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