USD/INR New York Price Forecast: Greenback sidelined below the 71.60 resistance vs. rupee

 

Following the 2018 bull-market, USD/INR has been consolidating in a rectangle pattern while above the main weekly simple moving averages (SMAs), suggesting a bullish bias in the long term.  

 

 

The spot broke below the bear flag pattern near the 71.20 support level to then retest the 71.60 resistance. The spot remains potentially vulnerable below the 72.00 figure and is at risk of declining towards the 70.40 price level. On the flip side, a daily close above the 72.00 figure can trigger bullish interest towards the 72.40 level.