USD/INR Price News: Rising wedge, overbought RSI back Indian rupee bulls above 73.00

• USD/INR extends previous day’s pullback from monthly top, refreshes intraday low.
• Further losses envisioned as overbought RSI backs U-turn from bearish pattern’s resistance line.
• 200-SMA offers extra support before the key 73.10 level.

USD/INR stretches the previous day’s profit-booking moves from the monthly top to 73.30, down 0.07% intraday, amid the initial Indian session trading on Wednesday. In doing so, the Indian rupee (INR) pair steps back from an upper line of a short-term rising wedge bearish chart pattern amid overbought RSI conditions.

Hence, the quote’s further consolidation of weekly gains can’t be ruled out. However, USD/INR bears won’t be until the quote stays beyond 73.10, comprising the support line of the stated bearish formation.

It’s worth noting that the 200-SMA level of 73.14 may offer an intermediate halt during the anticipated fall.

In a case where the USD/INR bears keep reins below 73.10, the 73.00 round figure may act as a validation point for the pair’s southward trajectory towards May’s low near 72.30.

Meanwhile, recovery moves will be capped by the wedge’s resistance line near 73.40 before directing USD/INR bulls to the mid-May tops near 73.70.

USD/INR four-hour chart

Trend: Further weakness expected