- USD/INR’s daily chart shows a symmetrical triangle pattern.
- A triangle breakdown would expose a widely-tracked simple moving average support.
USD/INR fell by 0.38% on Tuesday, keeping intact a four-week-long narrowing price range represented by trendlines connecting April 30 and May 12 lows and May 6 and May 18 highs.
As of Wednesday, the upper and lower ends of the narrowing price range of the symmetrical triangle are located at 75.90 and 75.25, respectively.
A close above 75.90 would confirm a triangle breakout and imply an end of the pullback from highs near 77 registered last month. The breakout would open the doors to a re-test of 77.00.
On the other hand, a range breakdown, if confirmed, would indicate a resumption of the sell-off from 77.00 and shift risk in favor of a slide to the ascending 100-day simple moving average 73.94.
Daily chart
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Trend: Neutral
Technical levels
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