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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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