OctaFX | OctaFX Forex Broker
Open trading account
Back

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. 
   

Additional key levels

 

US Dollar Index Asia Price Forecast: DXY grinds up, challenges 98.00 figure

The US dollar index (DXY) is bouncing from last Friday’s retracement. The market is trading back above the main simple moving averages (SMAs).
Read more Previous

New Zealand Employment & Unemployment Preview: How will the data impact NZD/USD?

The antipodean currencies are taking the limelight in the G10-FX space this week and following a sharp RBA induced correction to the upside in the Aus
Read more Next
Start livechat