Mtechtips MCX-SX USDINR INTRADAY trading analysis 18-08-2016

Mtechtips MCX-SX USDINR INTRADAY trading analysis 18-08-2016
MTECHTIPS USDINR traded in between 66.85-67.05 small range and settled at 66.8725 compare to previous close of 67.0025. On the EOD chart a breakdown of short term consolidation 66.90-67.25 is yet indicating probability for correction in USDINR, and pair may test 66.80-66.65 very soon. On the other hand, massive resistance is seen at 67.25 sustain trade above only will expect to test 67.46 and above.Federal Reserve officials sought to keep their options open at a July policy meeting as they tried to reconcile differences on the economic outlook and when to raise short-term interest rates.Several wanted to wait until they were more confident inflation would rise to the Fed’s 2% objective, while others believed the US is close to a fully recovered job market and a rate increase would soon be warranted, according to minutes of the FOMC’s July 26-27 meeting released Wednesday.Taken together the meeting minutes suggested a rate increase is a live possibility as early as September, but the US central bank won’t commit to a move until a stronger economic data can be reached about the outlook for growth, hiring and inflation.Federal Funds futures for December delivery implied traders saw a 47% chance of a rate hike in December, down from 58% before the release of the Fed minutes, data from CME Group’s FedWatch showed.Meanwhile, Federal Reserve Bank of St. Louis President James Bullard said Wednesday he’s still looking for data to support the single interest rate hike that he believes would be appropriate for some time to come.

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