USD/INR Price Analysis: Greenback starting 2020 near 71.40 against Indian rupee

USD/INR created a bear flag in the second part of December 2019.
The level to beat for sellers is the 71.20 support.

Flavio Tosti Independent Analyst

USD/INR weekly chart

In 2019, USD/INR has been consolidating the 2018 bull run while trading above the 100/200-period weekly simple moving averages.

USD/INR daily chart

In the second part of December, the market formed a bear flag below the 71.60 resistance. A bearish break below the 71.20 support level can open the doors for a drop towards the 70.40 key support level. Then, if the sellers overcome 70.40, the market has room to fall to the 69.40 and 68.40 levels. Resistances can be seen near 71.60, 72.00 and 72.40 levels.

Additional key levels

USD/INR

Overview
Today last price	71.346
Today Daily Change	0.1605
Today Daily Change %	0.23
Today daily open	71.1855

Trends
Daily SMA20	71.0801
Daily SMA50	71.2696
Daily SMA100	71.3017
Daily SMA200	70.3896

Levels
Previous Daily High	71.455
Previous Daily Low	71.165
Previous Weekly High	71.5725
Previous Weekly Low	71.04
Previous Monthly High	71.98
Previous Monthly Low	70.328
Daily Fibonacci 38.2%	71.2758
Daily Fibonacci 61.8%	71.3442
Daily Pivot Point S1	71.082
Daily Pivot Point S2	70.9785
Daily Pivot Point S3	70.792
Daily Pivot Point R1	71.372
Daily Pivot Point R2	71.5585
Daily Pivot Point R3	71.662

Author

Flavio Tosti

Independent Analyst

EUR/USD keeps the offered stance just above 1.1700

EUR/USD is coming under heavy selling pressure in what has been a rather grim start to the new trading week, with the pair now trading close to the 1.1700 support area as the US Dollar stages a solid rebound. The prevailing flight to safety mood continues to favour the Greenback, as investors react to the escalating conflict in the Middle East and trim risk exposure across the board.

GBP/USD hits new yearly lows near 1.3300

GBP/USD adds to the recent bearish tone, approaching to the key 1.3300 support to reach fresh YTD troughs against the backdrop of the robust performance of the US Dollar. Indeed, Cable’s decline comes amid the firm demand for the safe-haven space in the wake of the US and Israel attacks to Iran.

Gold trims losses, back below $5,400

Gold now surrenders part of the earlier advance past the $5,400 mark per troy ounce at the beginning of the week. Indeed, the precious metal’s strong uptick remains fuelled by increasing geopolitical tensions in the Middle East amid the intense demand for safer assets.