USD/INR Technical Analysis: Falling wedge breakout, re-test of record highs likely

• The falling wedge breakout seen in the USD/INR 4-hour chart indicates that the pullback from the record high of 74.48 reached on Oct. 11 has ended and that level could be put to test in the next few days.
• The RSI on the 4-hour chart is holding in bullish territory above 50.00 and is looking north.
• The falling wedge breakout also adds credence to the bullish view put forward by the still ascending 5-week and 10-week EMAs. Indeed, the pair has produced a strong bounce from the bullish 5-week EMA.
• Acceptance below the 200-candle EMA on the 4-hour chart would weaken the bullish pressure.
• Currently, the USD/INR is trading at 73.86 - up 0.30 percent on the day.

4-hour Chart