U.S. Dollar better than expected results from Caterpillar help US stocks extend their record breaking rally into a 7th day. A lot of Attention was given to Ben Bernanke's speech before the government in which he outlined the Fed's monetary policy and helped keep interest rates expectations down by offering a cautious outlook. Crude Oil closed up $0.74 at $65.70 in September contract. Looking ahead Bernanke speaks again and Crude Oil inventories are released at -1.9M vs. -2.8M previously.
Technical outlook
USDINR charts are expected to have a downward correction for the day and test the lower range of 48.20which holds as a very good support level break of which will take the currency to 48.10 and 47.95.But bullish outlook holds good for long term. Stochastic is trending down and is seen at oversold levels and is expected to turn up and pick up bullish momentum in near term. Immediate resistance is seen at 48.50 and 48.65 levels.
USDINR charts are expected to have a downward correction for the day and test the lower range of 48.20which holds as a very good support level break of which will take the currency to 48.10 and 47.95.But bullish outlook holds good for long term. Stochastic is trending down and is seen at oversold levels and is expected to turn up and pick up bullish momentum in near term. Immediate resistance is seen at 48.50 and 48.65 levels.
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