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  • USD/INR’s bear flag could drive the price down.
  • The level to beat for sellers is the 71.20 level.
 
 

USD/INR weekly chart

 
The market is trading above the main weekly simple moving averages (SMAs). After the 2018 bull market, USD/INR has been consolidating in a rectangle formation. 
 

USD/INR daily chart

 
The spot formed a bear flag pattern within a rectangle. Bears want to break below the 71.20 support to drive the market towards the 70.40 level. On the flip side, a break above the 72.00 figure could open the gates to 72.40 resistance. 
  

Additional key levels