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USD/INR New York Price Analysis: US dollar trading below the 71.60 level vs. rupee

  • USD/INR stays trapped in a sideways market on the third day of the week.
  • 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 formation and bounced from the 71.20 support level to have a retest of 71.60 resistance on many occasions. USD/INR stays trapped in a tight range market while remaining vulnerable below the 71.60/72.00 resistance zone. However, a daily close above the 72.00 psychological level could likely invalidate the bearish scenario and generates further upside towards the 72.40 level. 
   

Additional key levels

 

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