Axel Rudolph, senior analyst at Commerzbank, explains that the USD/INR 1 Month NDF’s decline paused slightly above the July and August lows at 68.51/50, at the current March low at 68.65 to be precise.
Key Quotes
“If the 68.50 level were to be slipped through the 61.8% Fibonacci retracement of the 2017-18 advance at 67.83 would be in focus as well as the 67.11/03 zone, made up of the 200 week moving average and the June low.”
“There the NDF may stabilise if it isn’t already doing so at present. Resistance above the 69.80 November low comes in at the 70.66 February trough. Slightly further up meander the 55- and 200-day moving averages at 70.84/71.11. While trading below these, overall downside pressure should retain the upper hand, though.”
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