Mtechtips MCX-SX USDINR INTRADAY trading analysis 21-09-2015
Mtechtips USDINR September Future –Bearish below 65.75 Sell below 65.75 Targets 65.50-65.00. Stop loss above 66.30. (Else wait for rise towards 66.40-66.60). LTP : 65.81. Strong resistance 67.20. Important factor/data from India/U.S: Final GDP q/q on 25 September. USDINR futures slipped more than 1.40% as the dollar weakened following the US Federal Reserve policy statement wherein the central bank kept policy rates unchanged. Technically, buy strategy given around 66.40 was failed to test predicted target 67.10 and after breaching the short term consolidation support 66.40 USDINR tested 65.8050 levels.A long bearish candle stick formation is indicating for bearishness in USDINR and this week a break below 65.75 would give more confident that downside momentum will hold towards 65.20 and below else recovery rally is assumed to take place towards 66.35-66.60 again.