USD/INR technical analysis: Trapped in a falling wedge

• USD/INR risks falling wedge breakout on broad-based US Dollar recovery.  
• A breakout, if confirmed, could be followed by a rally to May’s high of 70.98.  

USD/INR seems to have created a falling wedge bullish reversal pattern on the daily chart.

The pair is currently trading at 69.4090, representing a 0.10% gain on the day.  

The close above the upper edge of the falling wedge, currently at 69.5590 would confirm a bearish-to-bullish trend change and open the doors to a retest of 70.98 (May 14 high).  

On the downside, 69.03 (June 4 low) is the level to beat for the sellers.  

With the US Dollar solidly bid against most majors, the spot risks closing above 69.5590 today.  

Daily chart

Trend: Bullish above 69.5590

Pivot points