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Analysts at Commerzbank, point out that the USD/INR closed below the 68.80/69.13 zone, completing a major top.

Key Quotes:  

“We have numerous 13 counts on the daily, weekly and monthly charts.”

“Price has reacted back to major support 69.13 (August 2013 high) and the 68.80 (November 2016 high), which has now been eroded. A close below here has been seen, which completes a major top and targets initially 66.82/73, 200 week ma and the 2011-2019 uptrend. This will act as the break down point to 66.14 the 55 week ma then 63.27 January 2018 low.”

“A major top has completed. A negative bias will remain entrenched below the 71.87 4th, February high.”