Mtechtips MCX-SX USDINR INTRADAY trading analysis 22-01-2016

Mtechtips MCX-SX USDINR INTRADAY trading analysis 22-01-2016

Mtechtips USDINR down below 67.85, Dollar index up as ECB hints at more stimulus Dollar/rupee open with 20 paisa negative opening and the dollar index inched up during Asian trades Friday on hopes the European Central Bank may infuse additional monetary stimulus in its March monetary policy meet.The ECB left interest rates on hold at its latest policy meeting but its president, Mario Draghi, acknowledged growing uncertainty about the economic outlook as he said the central bank would review its policy in March - sooner than many investors had been expecting.The ECB president said that the central bank could step up its stimulus program as early as March in response to low inflation and turmoil in the financial markets. Stock markets across the globe rejoiced after the ECB policy statements as risk appetite increased.USDINR consolidated below the 161.8% Fibonacci Retracement of previous swings and settled at 68.06, almost flat. Today, USDINR would need to trade above 68.10 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 and pair may test 67.65-67.55.

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