USD/INR technical analysis: 69.57 is the level to beat for bulls today

USD/INR bulls need a break above 69.57.
A falling wedge breakout, if confirmed, would expose May’s high of 70.58.

Omkar Godbole FXStreet Contributor

USD/INR is currently trading at 69.46, representing a 0.10% drop on the day, having gained 0.28% and 0.26% on Friday and Monday, respectively.

A close above 69.57 today would confirm a falling wedge breakout on the daily chart and open the doors to retest of 70.58 (May 14 high). On the way higher, the pair may encounter resistance at 70.00 (May 29 high).

Further, the outlook as per the weekly chart would turn bullish if and when the spot breaks above 70.58. That would revive the falling wedge breakout confirmed in mid-May.

Daily chart

Weekly chart

Trend: Bullish above 69.57

Pivot points

1. R3 70.2892
2. R2 69.9808
3. R1 69.7467
PP 69.4383
1. S1 69.2042
2. S2 68.8958
3. S3 68.6617

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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