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USD/INR New York Price Forecast: Greenback vulnerable below 71.20 vs. rupee

  • USD/INR broke below the bear flag pattern and the 71.20 support level. 
  • Downside target can be located near the 70.40 level.  
 

USD/INR weekly chart

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

USD/INR daily chart

 
The spot is breaking below a bear flag pattern below the 71.20 support level, suggesting that USD/INR could potentially weaken to the 70.40 price level. The 71.20 support has become resistance. Further up lies the 71.60 resistance level. 
   

Additional key levels

 

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