Mtechtips MCX-SX USDINR INTRADAY trading analysis 20-01-2016

Mtechtips MCX-SX USDINR INTRADAY trading analysis 20-01-2016

Mtechtips Dollar/rupee opened with 25 paisa gap up opening at and tested 68.04 earlier on Wednesday on likely overseas outflows from local shares tracking sell-off in global shares as concerns over world economy heightened risk-off sentiments. Asian stocks plunged on Wednesday morning as global sentiment remained low on concerns over economic growth, China and low oil prices. The International Monetary Fund downgraded its forecasts for global growth, made just three months ago, on the back of slowing growth in China and tumbling oil prices. In an update to its 'World Economic Outlook', published yesterday, the Washington-based fund said the pick-up in global growth was weak and uneven across economies, with emerging markets and developing economies set for slower growth. The IMF estimates that the global economy grew 3.1% last year, the weakest pace since the 2009 recession. India, however, is expected to grow at the fastest pace among emerging economies according to the IMF outlook. Crude futures slumped again in early Asian trade on Wednesday, with US oil falling to its lowest since September 2003 below $28 per barrel. China posted its slowest growth in 25 years in 2015, official data showed Tuesday, confirming a loss of momentum in the world's second-largest economy that continues to pressurize financial markets worldwide.

Technical- USDINR strong resistance is 68.10 Near term resistance is seen at 68.10 sustain trade above pair may test 68.34-68.70, Else any downside consolidation towards 67.80-67.70 could attract huge buying activities.

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