Forex Market News

Sell USDINR Below 68.55; Target Of 68.00

US dollar index is trading at a 13 year high of 101.92 , gaining momentum after positive durable goods orders, manufacturing PMI and consumer sentiment . Markets were convinced of a rate hike from the US after the FOMC meeting minutes were released yesterday, which indicated the rates could go up very soon. US markets are closed today for thanksgiving but the dollar rally is set to continue into the FOMC meeting minutes in December.
USDINR Nov futures opened strongly higher with gap and prices consolidated for most of the 68.60-68.80 and corrected in the intraday till opening levels. Prices have made an evening star candlestick pattern on the daily chart which is suggesting a higher probability of correction in the short term. Prices are expected to correct from these levels towards next supports placed at 68.30 and 68.00 levels if break below 68.55 level.
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