Mtechtips MCX-SX USDINR INTRADAY trading analysis 19-06-2017

Mtechtips MCX-SX USDINR INTRADAY trading analysis 19-06-2017
Mtechtips Dollar/Rupee – Bearish below 66.80 Dollar/rupee witnessed consolidation around 67.00 last week and settled at 67.00. Pair rebounded from the low 66.8725 on buying by nationalized banks including State Bank of India and foreign banks including Standard Chartered Bank and Deutsche Bank. Further, mounting expectations of a US Federal Reserve rate increase this month boosted demand for the greenback ahead of a speech by Janet Yellen. Technical, sell strategy given around 67.05-67.15 was initiated but it yet to test first predicted level 66.75. Formation of doji candle stick pattern on the weekly chart is creating probability for temporary recovery in USDINR and it may test 67.40 again. On the downside, crucial support is seen at 66.85 and USDINR would need to trade below it in order to test 66.45-66.20
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