Mtechtips MCX-SX USDINR INTRADAY trading analysis 22-04-2016

Mtechtips MCX-SX USDINR INTRADAY trading analysis 22-04-2016

MTECHTIPS :- Dollar/rupee recovered from the day low 66.2075 and settled at 66.4250 yesterday, while the dollar index remained largely unchanged as the world’s biggest economy reported upbeat labour market data thus raising hopes of a rate hike by the US Federal Reserve even as the European Central Bank kept its policy unchanged.Dollar index, which tracks the strength of the greenback against a basket of six currencies, fell to 94.48 during early Asian trade Friday compared to 94.53 at close New York time.

A closing below the lower trend line of the triangle on hourly chart is yet indicating for bearishness in USDINR.  The immediate support for the pair comes around 66.15 levels, while on the upside pair would need to trade above immediate resistance levels 66.50 in order to show pullback towards 66.80 else, any rise towards 66.35-66.40 is expected to give an opportunity to establish a short position for the target 66.05-65.90.

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