USD/INR is currently trading at 71.05, having faced rejection at the upper edge of the contracting triangle.
Daily chart
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As seen above, the pair is trapped in a narrowing price range. The upper end of the range is currently seen at 71.32 and the lower end is located at 70.82.
The pair gapped higher today due to Indo-Pak tensions. The buyers, however, failed to penetrate the triangle resistance of 71.32.
A close below 70.82 would expose the bullish higher low of 70.40 (Feb. 13 low). In fact, the pair may gap lower below 70.80 tomorrow if Fed’s Powell ignores the recent US-China trade optimism and reiterates patience on rate hikes during his Congressional testimony.
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