USD/INR Technical Analysis: Consolidating in a narrowing price range below 69.00
|USD/INR is currently trading at 68.815 – down 0.15 percent on the day – having registered a 0.35 percent on Monday.
As seen in the 4-hour chart, the pair is creating a narrowing price range of symmetrical triangle-like pattern on the 4-hour chart. As of writing, the upper edge of the triangle is seen at 69.16 and the lower edge is located at 68.66.
A break below 68.66 would confirm triangle breakdown and allow a re-test of the recent low of 68.34. The RSI on the 4-hour chart has fallen back into bearish territory below 50.00 and will breach the ascending trendline if the spot suffers range breakdown.
The corrective bounce, however, may gather pace if the upper edge of the flag is breached.
4-hour chart
Trend: Bearish below 68.66
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