Mtechtips MCX-SX USDINR INTRADAY trading analysis 25-01-2016

Mtechtips MCX-SX USDINR INTRADAY trading analysis 25-01-2016

Mtechtips USDINR retraced from the weekly high 68.5925 and settled with loss of 0.15%, while US Dollar Index strengthened by 0.59% supported  by recovery in global financial markets after comforting statements from European Central Bank (ECB), Japanese authorities and Chinese vice Premier. ECB and BOJ hinted of monetary stimulus as sliding oil prices make it even harder to reach its 2% inflation target. Adding to this, Chinese central bank injected 315 billion Yuan into the system this week to ease a pre-Chinese New Year cash crunch.  Technically, weekly price action resulted in formation of inverted hammer candle stick which is indicating for moderately correction before next bullish move. Further, on the upside, USDINR would need to trade above 68.35 in order to test 69.30-69.50. Sell below 67.85. Target 67.55-67.20. Stop loss above 68.30 (LTP : 67.99) Or Buy above 68.35 Target 68.80-69.0. Stop loss below 68.00

Important factor/data from India/U.S:

U.S. Federal Funds Rate. FOMC Statement

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