OctaFX | OctaFX Forex Broker
Open trading account
Back

USD/INR New York Price Analysis: Dollar bears pressuring 71.60 support vs. rupee

  • USD/INR is trapped in a range market while the market is easing from February tops. 
  • The level to beat for sellers is the 71.60 support. 
 

USD/INR weekly chart

 
Following 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

 
The spot is retracing down from the 72.40 resistance while retracing from February tops. USD/INR is trapped in a sideways market as bears are pressuring the 71.60 support en route towards the 71.20 level in the medium term. 
  

Additional key levels

 

Russia Central Bank Reserves $ increased to $563.1B from previous $562.4B

Russia Central Bank Reserves $ increased to $563.1B from previous $562.4B
Read more Previous

WTI plummets to fresh 1-year low near $47.00

Crude oil prices remain well under heavy pressure on Thursday, dropping to the vicinity of the $47.00 mark per barrel on rising coronavirus fears, WTI
Read more Next
Start livechat