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USD/INR Asia Price Forecast: Greenback weakens against Indian rupee, trades below 71.20 level

  • Sellers broke below the bear flag and the 71.20 support level. 
  • Target on the way down can be located near the 70.40 level.  

USD/INR weekly chart

Following the 2018 bull-run, USD/INR has been consolidating in a rectangle formation. The spot is trading above its main weekly simple moving averages (SMAs). 

USD/INR daily chart

The spot broke below a bear flag pattern below the 71.20 support, opening the way down to the 70.40 price level. The 71.20 support becomes now resistance followed on the way by the 71.60 level. 

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