- August 6, 2020
- Posted by: Analysis Team
- Category: Forex News
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- USD/INR has carved out a symmetrical triangle pattern.
- A breakout would expose key resistance above 76.00.
USD/INR has charted higher lows and lower highs pattern over the last four weeks. In other words, the currency pair has formed a symmetrical triangle on the daily chart.
A breakout would imply a bullish reversal and open the doors for a test of resistance at 76.33 (June 16 high). Alternatively, a triangle breakdown would expose the low of 73.83 reached exactly a month ago.
At press time, USD/INR is trading at 74.76. The triangle resistance is located at 75.13 and support is seen at 74.76.
DAILY CHART
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Trend: Neutral