Thursday, February 23, 2017

USDINR TECHNICAL OUTLOOK : 23.02.2017

USDINR TECHNICAL OUTLOOK : 23.02.2017
NIFTY FUT  TREND             : BUY ZONE
BANKNIFTY FUT  TREND  : BUY ZONE


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USDINR, the pair open at 66.98 and made a intraday low of 66.87 and recovered a bit , the pair has been in the range of 66.75 on the lower side and 67.10 on the higher side and would likely to continue to do the same until the breaches either levels so, intraday range likely be in the range of 67.88- 67.06, to try to trade the given range.

Fundamental Overview

US dollar index is trading at 101.37, depreciating marginally against the majors after the FOMC meeting minutes were reported yesterday. The FOMC minutes showed that the members were keen on interest rate hikes but there was no urgency to do that in the next meeting. Markets sold off the US dollars initially but the dollar quickly rebounded and the focus would now be on the initial jobless claims that are to be reported today. We expect the 101.00 level to remain intact for the day.

Economic Data & News

TIME COUNTRY DATA ACTUAL SURV PREVIOUS
0:30 USD FOMC Meeting Minutes
5:35 USD FOMC Member Kaplan Speaks
19:00 USD Initial Jobless Claims 241K 239K
19:05 USD FOMC Member Lockhart Speaks
21:30 USD Crude Oil Inventories 3.325M 9.527M
21:30 USD Cushing Crude Oil Inventories -0.702M