USD/INR New York Price Forecast: Greenback looking for directions vs. rupeeby Flavio Tosti
- 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.
Additional key levels
|Today last price||71.4128|
|Today Daily Change||0.0828|
|Today Daily Change %||0.12|
|Today daily open||71.33|
|Previous Daily High||71.505|
|Previous Daily Low||71.2455|
|Previous Weekly High||71.8045|
|Previous Weekly Low||71.077|
|Previous Monthly High||72.57|
|Previous Monthly Low||70.5875|
|Daily Fibonacci 38.2%||71.4059|
|Daily Fibonacci 61.8%||71.3446|
|Daily Pivot Point S1||71.2154|
|Daily Pivot Point S2||71.1007|
|Daily Pivot Point S3||70.9559|
|Daily Pivot Point R1||71.4749|
|Daily Pivot Point R2||71.6197|
|Daily Pivot Point R3||71.7344|