Home USD/INR Price Analysis: Greenback starting 2020 near 71.40 against Indian rupee
FXStreet News

USD/INR Price Analysis: Greenback starting 2020 near 71.40 against Indian rupee

  • USD/INR created a bear flag in the second part of December 2019.
  • The level to beat for sellers is the 71.20 support.
 

USD/INR weekly chart

 
In 2019, USD/INR has been consolidating the 2018 bull run while trading above the 100/200-period weekly simple moving averages. 
 

USD/INR daily chart

 
In the second part of December, the market formed a bear flag below the 71.60 resistance. A bearish break below the 71.20 support level can open the doors for a drop towards the 70.40 key support level. Then, if the sellers overcome 70.40, the market has room to fall to the 69.40 and 68.40 levels. Resistances can be seen near 71.60, 72.00 and 72.40 levels.
 

Additional key levels

 

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.