USD/INR New York Price Forecast: Greenback bears pressuring 71.20 support vs. rupee

 

 

After the 2018 bull-run, USD/INR has been consolidating in a rectangle formation while holding above its main weekly simple moving averages (SMAs), suggesting a bullish bias in the long term.  

 

 

USD/INR broke below a bear flag pattern near the 71.20 support level and then retested the 71.60 resistance. However, the spot stays vulnerable below the 72.00 figure and could decline towards the 70.40 price level. Conversely, a daily close above the 72.00 level can lead to renewed bullish interest towards the 72.40 level.