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.

Flavio Tosti Independent Analyst

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

Author

Flavio Tosti

Independent Analyst

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