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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

 

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