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Axel Rudolph, part of FICC technical analysis team at Commerzbank, suggests that USD/INR is likely to break below the 73.08/72.99 key support area.

Key Quotes:

“The USD/INR 1 is putting increasing pressure on the 73.08/72.99 September, October and current January lows with a fall through this key support area looking increasingly likely. A drop through the 73.08/72.99 support zone would eye another strong support area at 72.76/41, made up of the January and February 24 highs.”

“If it were to give way as well we would once more turn medium-term bearish and target the May 2019 high and the September 2019 to January 2020 lows at 71.06/70.61. On a slip below the 72.99 September low on a daily chart closing basis we would turn short-term bearish again.”

“The three month downtrend line and the 55 day moving average at 73.80/82 should continue to act as resistance, together with the current January high at 73.90.”