USD/INR Price News: Indian rupee teasing falling wedge breakout

• USD/INR is on the verge of confirming a falling wedge breakout on 1D.
• The spot battles 21-DMA at 74.44 amid bullish RSI.
• USD/INR targets 75.00 and beyond on an upside breakout.

USD/INR is alternating between gains and losses, looking to reverse the previous downswing, currently battling the 21-Daily Moving Average (DMA) at 74.44.

In doing so, the spot is looking to break through the falling wedge upside barrier at 74.46 on a sustained basis.

A daily closing above the latter is needed to confirm an upside breakout from a two-week-long wedge pattern.

On a bullish confirmation, the buyers will gear up for a fresh advance towards 75.00. The next stop for the bulls is seen at the April 26 high of 75.26

The Relative Strength Index (RSI) trades flat but well above the midline, leaving the ground open for the optimists.

USD/INR: Daily chart

On the flip side, Monday’s low of 74.19 could be challenged on retracement from higher levels.

The bullish 50-DMA support at 74.13 emerges as the next strong support.

USD/INR: Additional levels