USD/INR New York Price Forecast: Greenback looking for directions vs. rupee


  • 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

USD/INR

Overview
Today last price 71.4128
Today Daily Change 0.0828
Today Daily Change % 0.12
Today daily open 71.33
 
Trends
Daily SMA20 71.2892
Daily SMA50 71.1986
Daily SMA100 71.2279
Daily SMA200 70.6742
 
Levels
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

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD hovers above multi-year lows amid coronavirus fears, ahead of ZEW

EUR/USD is trading just above 1.0820, the lowest since 2017, as the coronavirus outbreak is taking its economic toll on Apple among others. The German ZEW Economic Sentiment figure is eyed.

EUR/USD News

GBP/USD extends losses to sub-1.3000 area, UK unemployment rate in focus

GBP/USD stays mildly negative just below 1.30 while heading into the London open on Tuesday. UK’s Brexit negotiator shares the same view as PM Boris Johnson, increases the risks of hard departure. UK employment statistics will be the key to clarify on the BOE’s bearish bias.

GBP/USD News

Forex Today: Coronavirus takes a bite from the apple, Gold gains, Bitcoin bounces

The coronavirus outbreak's economic impact is growing as Apple, the iPhone maker has issued a warning that it is unable to meet its guidance due to production and issues and closed stores in China. The tech giant's announcement has been weighing on the market mood, pushing gold and the yen higher. 

Read more

Gold: Positive beyond six-week-old falling trendline

Gold prices take the bids above $1585, +0.35%, during the pre-European trading on Tuesday. The yellow metal recently broke a downward sloping trend line stretched from January 08. Early-month top on the buyer’s radar.

Gold News

FXStreet launches Real-Time Trading Signals

FXStreet Signals offers access to explanatory live webinars, real-time notifications when signals are triggered and exclusive membership to the company’s Telegram group, where users get direct guidance by our analysts and get room to discuss and interact.

More info

Forex MAJORS

Cryptocurrencies

Signatures