Mtechtips MCX-SX USDINR INTRADAY trading analysis 05-06-2017

Mtechtips MCX-SX USDINR INTRADAY trading analysis 05-06-2017
Mtechtips Dollar rupee future in month of May closed at 64.73 withgains. After last 5 month continues weakness dollar seen some value buying aswell as short covering from oversold zones. This month dollar rupee futurerecorded low at 64 while high was around 65.1. Total 1.1 rupee or 1.7% rangeand closing near middle.For month of June 2017, usd inr future outlook remainbullish above 64.6 support level on daily closing basis. On upside my bullishswing targets for June series are 65.2 and then 65.7.While below 64.6, expect weakness to continue and lowerlevels up to 64.2 and then 63.6. This month expect narrow range for dollarrupee future which is good for small traders.Currency traders above 64.6 keep buy on dips view in usdinrfuture and expect 65.2 and then 65.7 levels as target zones for thisseries. rom long term view, dollar rupee future hit 2017 bearishtarget zones of 66.4 and then 64.7. Below 64.7 on weekly closing basis rupee remain king and dollar will be very bearish for another downside and long term targets of 63.4 and then 61.7.
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