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USD/INR New York Price Forecast: Greenback sideways vs. rupee, trades sub 71.60 level

  • USD/INR bear flag is keeping a mild bearish pressure on the spot.
  • The level to beat for bears is the 71.20 support. 
 

USD/INR weekly chart

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

USD/INR daily chart

 
The spot broke below a bear flag formation challenging the 71.20 support level and then retesting the 71.60 resistance. USD/INR remains weak below the 72.00 figure and could drop towards the 70.40 price level. On the flip side, a daily close above the 72.00 figure could invalidate the bearish scenario and lead to further gains towards the 72.40 level. 
   

Additional key levels

 

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