USD/INR Price News: Indian rupee looks south amid falling wedge breakout
|- USD/INR’s path of least resistance is to the upside.
- The spot has confirmed a falling wedge breakout on the hourly chart.
- Bulls head towards the pattern target above 74.00.
USD/INR is looking to accelerate its upbeat momentum in Europe this Tuesday, despite the broad US dollar retreat, helped by a bullish technical breakout on the hourly chart.
The recent consolidation at the higher levels has carved out a falling wedge formation, with the breakout confirmed on an hourly closing above the falling trendline resistance at 73.81.
The bulls now remain poised to test the pattern target at 74.29. However, the 74 level will likely challenge their commitment on the way northwards.
The hourly Relative Strength Index (RSI) points south but holds above the midline, suggesting a brief pullback before the uptrend resumes.
Therefore, a break below the pattern resistance now support at 73.80 could trigger fresh declines toward the upward-pointing 21-hourly Simple Moving Average (HMA) at 73.76.
Acceptance below the latter could prompt a drop towards the critical 200-HMA support at 73.62.
USD/INR: Hourly chart
USD/INR: Additional levels
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