The US debt ceiling deal is done – Deal includes a 2-yr debt limit extension, effectively resolving the issue until after the 2024 election – Deal needs to pass Republican-led House & Democrat-controlled Senate
Whenever USDINR drew close to the 83.00 handle over the past eight months, momentum slowed down as the persistent supply from exporters and the RBI drained away demand for the US Dollar. As a result, the pair fluctuated for a week between 82.50 and 83.00 before falling apart. Therefore, traders may set stops on their positional long bets below 82.50 on a spot basis this time as well. Buying on dips is possible as long as the prices do not go below 82.50. However, traders wishing to play against the trend can immediately put stop and reverse orders above 83.25 levels.
USD INR Gann Angle Chart
The price continues to get support from 82.50-82.25 range, Heading towards 83 till holding 82.25.
USD INR Plannetary Support and Resistance Line
Indain Rupee is above Venus Plannetary line heading towards 83/83.25
USD INR Harmonic
Price is heading towards 83 to complete SHARK pattern.