Feb 13, 2020
USD/INR New York Price Forecast: Greenback remains fragile vs. rupee
- After the bear flag, USD/INR has been consolidating.
- The level to beat for sellers is the 71.20 support.
USD/INR weekly chart
After the 2018 bull-market, USD/INR has been consolidating in a rectangle formation. The quote is trading above its main weekly simple moving averages (SMAs), suggesting a bullish momentum in the long term.
USD/INR daily chart
USD/INR broke below a bear flag pattern challenged the 71.20 support level and then retested the 71.60 resistance. Since then, USD/INR entred e tight range while remaining weak below the 71.60/72.00 resistance zone. However, a daily close above the 72.00 figure could invalidate the bearish scenario and generate further upside towards the 72.40 level.
Additional key levels