6 Jan 2020
USD/INR Price Analysis: Greenback spikes to December 2019 highs
- USD/INR bulls are looking at the November highs.
- The level to beat for buyers is the 72.65 resistance.
USD/INR weekly chart
In the second part of 2019, USD/INR consolidated in a bull flag the 2018 bull run while above the main weekly simple moving averages (SMAs).
USD/INR daily chart
The spot is trading in a rectangle pattern in the 70.40-72.40 range while above the main daily SMAs. Bulls want a daily close above 72.65 to climb towards the 73.00 handle. However, if those levels get faded, the market is set to remain in the current range with a potential retest of 71.60, 71.20 and 70.40 levels.
Additional key levels