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USD/INR New York Price Forecast: Greenback bears pressuring 71.20 support vs. rupee

  • USD/INR stays vulnerable below the 72.00 level.
  • The level to beat for sellers is the 71.20 support. 
 

USD/INR weekly chart

 
After the 2018 bull-run, USD/INR has been consolidating in a rectangle formation while holding above its main weekly simple moving averages (SMAs), suggesting a bullish bias in the long term.  
 

USD/INR daily chart

 
USD/INR broke below a bear flag pattern near the 71.20 support level and then retested the 71.60 resistance. However, the spot stays vulnerable below the 72.00 figure and could decline towards the 70.40 price level. Conversely, a daily close above the 72.00 level can lead to renewed bullish interest towards the 72.40 level. 
   

Additional key levels

 

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