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5 Feb 2020

USD/INR New York Price Forecast: Greenback vulnerable below 71.20 vs. rupee

  • USD/INR broke below the bear flag pattern and the 71.20 support level. 
  • Downside target can be located near the 70.40 level.  
 

USD/INR weekly chart

 
USD/INR is trading above the main weekly simple moving averages (SMAs). After the 2018 bull-market, the spot has been consolidating in a rectangle formation. 
 

USD/INR daily chart

 
The spot is breaking below a bear flag pattern below the 71.20 support level, suggesting that USD/INR could potentially weaken to the 70.40 price level. The 71.20 support has become resistance. Further up lies the 71.60 resistance level. 
   

Additional key levels

 

Feb 5, 2020

US Dollar Index Price Analysis: Remains bid above the 200-day SMA

The index keeps the march north unabated so far on Wednesday, extending the rebound from recent lows and retaking the key barrier at 98.00 the figure.
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Feb 5, 2020

GBP/USD sticks to gains near mid-1.3000s, lacks follow-through ahead of US data

The GBP/USD pair held on to its mildly positive tone around mid-1.3000s through the mid-European session, albeit seemed struggling to build on the mom
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