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USD/INR New York Price Forecast: Dollar fades 71.60 vs. rupee

  • USD/INR remains trapped in a tight range on the second day of the week.
  • The level to beat for bears is the 71.20 support. 
 

USD/INR weekly chart

 
Following the 2018 bull-market, 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 and then bounced from the 71.20 support level to retest the 71.60 resistance multiple times. USD/INR remains trapped in a sideways market while staying vulnerable below the 71.60/72.00 resistance zone. A daily close above the 72.00 figure should likely invalidate the bearish scenario and yield further upside towards the 72.40 level. 
   

Additional key levels

 

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