According to Axel Rudolph, senior analyst at Commerzbank, USD/INR 1 Month NDF has failed slightly below the 72.33/73.01 resistance zone and is once again likely to target the 69.80/44 area.
“The USD/INR 1 Month NDF’s rally from its January low at 69.44 has taken it to its current February high at 72.21 before falling out of bed again.”
“This high was made close to the 72.33 November 8 low and the December peak at 73.01. As long as this level isn’t overcome on a daily chart closing basis, we will stick to our medium-term once again bearish outlook.”
“Strong support is found at the 69.80/44 December and January lows. If the January trough at 69.44 were to give way, the July and August lows at 68.51/50 would be next in line.”
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