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.

Flavio Tosti Independent Analyst

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

Author

Flavio Tosti

Independent Analyst

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