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


Latest Forex News

Editors’ Picks

EUR/USD: Growth concerns to keep weighing on the sentiment

The EUR/USD pair closed a second consecutive week unchanged around 1.1840, as the dollar got to appreciate ahead of the close on upbeat US data combined with risk-off. Sluggish global economic growth to keep weighing on the market’s sentiment.

EUR/USD News

GBP/USD: Brexit deal and coronavirus second wave leading the way

The GBP/USD pair stalled its weekly recovery on Friday, ending the day in the red at around 1.2915. Mild hopes related to a post-Brexit trade deal with the EU provided modest support to Sterling earlier in the week.

GBP/USD News

Gold: Next week's key macroeconomic events to keep an eye on

The troy ounce of the precious metal closed the week modestly higher at $1,950 but struggled to make a decisive move in either direction. Following its September policy meeting, the Federal Reserve kept its policy rate unchanged as ...

Gold News

It was the best of times, It was the worst of times

Economic reports from most of the major economies show the pace of the recovery has slowed.  In the same way, the recovery began before the end of the  Q2, the loss of economic momentum was seen as early as July in some series and August in others.

Read more

After yesterday's JMMC meeting WTI settles near $40 per barrel

WTI has been through a rollercoaster this week. The liquid gold has been in a downtrend leading into the OPEC+ JMMC meeting and then reversed the whole move. At the meeting the group agreed to extend the compensation period for overproduction till the end of December. 

Oil News

Forex MAJORS

Cryptocurrencies

Signatures