Karen Jones, analyst at Commerzbank, suggests that the USD/INR 1 Month NDF saw a minor breach of its 7 month downtrend that was not sustained and is now back under pressure.
Key Quotes
“The erosion of the short term uptrend leaves attention firmly rooted on the 68.65/50 support area. Only if the 68.65/50 support area were to be slipped through, would the 61.8% Fibonacci retracement of the 2017-18 advance at 67.83 be in focus as well as the 67.28/03 zone, made up of the 200 week moving average and the June low. There the NDF may stabilise in this scenario.”
“Above the 70.73 (last weeks high) resistance level the 200 day moving average can be spotted at 71.22 and the February highs at 71.84/72.21.”
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