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USD/INR Price Analysis: Greenback recovery against the rupee is doubtful

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

USD/INR weekly chart

 
This year the market has been consolidating the 2018 bullish advance while holding above the 100/200-period weekly simple moving averages. 
 

USD/INR daily chart

 
In the second half of December, the market created a bear flag below the 71.60 resistance. A break below the 71.20 support level could open the doors to a drop towards the 70.40 strong support level. If the bears overcome 70.40, the market has room to fall to the 69.40 and 68.40 levels. Resistances are seen at 71.60, 72.00 and 72.40 levels.
 

Additional key levels

USD/INR

Overview
Today last price 71.324
Today Daily Change -0.1260
Today Daily Change % -0.18
Today daily open 71.45
 
Trends
Daily SMA20 71.139
Daily SMA50 71.2433
Daily SMA100 71.3014
Daily SMA200 70.3555
 
Levels
Previous Daily High 71.5725
Previous Daily Low 71.195
Previous Weekly High 71.5725
Previous Weekly Low 71.04
Previous Monthly High 72.37
Previous Monthly Low 70.4975
Daily Fibonacci 38.2% 71.4283
Daily Fibonacci 61.8% 71.3392
Daily Pivot Point S1 71.2392
Daily Pivot Point S2 71.0283
Daily Pivot Point S3 70.8617
Daily Pivot Point R1 71.6167
Daily Pivot Point R2 71.7833
Daily Pivot Point R3 71.9942

 

 

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