In last one month, economic data from US has completely surprised the market. Be it jobs report, retail sales, CPI inflation, PMI number or FED’s favourite inflation gauge – PCE, all seem to convey only one message that FED would be under tremendous pressure, not only to keep rates higher for longer but also go for more hikes than what market was anticipating at the start of the year. Thankfully, so far, market is still pricing conventional hike by 25 bps in each meeting but looking at spate of strong economic data, one cannot rule out the possibility of even 50 bps hike in one of the meetings going forward. So keep a close watch on FED Funds Watch Tool.
USD INR Gann Angle Chart
Pricecontinue to get rejejcted from resistance of 83. USDINR remains ranged between 82.50 and 82.90 levels on spot. In case prices break below 82.50 and sustain, then they can test 82.30 and 82.10 levels.
USD INR Plannetary Support and Resistance Line
Indain Rupee is below Venus Plannetary line heading towards 82.25/82.50
USD INR Harmonic
Price is heading towards 83.50 to complete SHARK pattern.