USD/INR New York Price Analysis: Dollar hits six-week high vs. Indian rupee

 

 

Following the 2018 bull-run, the spot has been consolidating in a rectangle pattern. USD/INR is trading above the main weekly simple moving averages (SMAs), suggesting a bullish bias in the long term.  

 

 

USD/INR rose to six-week highs and almost reached the 72.00 figure. It has since then retraced a little still trading above the 71.60 level. Bulls need a daily close above the 72.00 level in order to eye higher level near 72.35 and 72.66. Support is seen near 71.60 and 71.20 levels.