USD/INR New York Price Forecast: Greenback looking for directions vs. rupee

  • USD/INR remains trapped in a tight range as the week comes to an end.
  • The level to beat for bears is the 71.20 support. 


USD/INR weekly chart

Following the 2018 bull-run, USD/INR has been consolidating in a rectangle pattern. The spot is trading above the main weekly simple moving averages (SMAs), suggesting a bullish bias in the long term.  

USD/INR daily chart


The quote broke below a bear flag formation and challenged the 71.20 support level to then retest the 71.60 resistance. However, USD/INR has entered a tight range while remaining vulnerable below the 71.60/72.00 resistance zone. However, a close above the 72.00 figure on a daily basis would likely invalidate the bearish scenario and yields further upside towards the 72.40 level. 

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