Mtechtips MCX-SX USDINR INTRADAY trading analysis 21-01-2016

Mtechtips MCX-SX USDINR INTRADAY trading analysis 21-01-2016

Mtechtips The Indian rupee depreciated to near 29-month low, breaching Rs 68/$1 Wednesday on outflows from local equities while yields on the new 10-year benchmark bond dropped for the second straight trading session on buying by FII's on account of replacement demand after RBI conducted OMO purchases worth Rs 100 billion.After breaching the resistance 67.95, USDINR tested 68.2350 and settled at 68.00 levels. Near term resistance is seen at 68.10 on closing basis which coincided with 161.8% Fibonacci Retracement of previous swings and USDINR would need to trade above this levels in order to give bullish move towards 68.34-68.52. On the downside, 67.85 will act as an immediate support and moderately correction will expect to come below 67.85 towards 67.55 and below.

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