USD/INR Technical Analysis: 69.35 is the level to beat for the bulls

USD/INR jumped to 69.35 last Thursday, confirming an ascending triangle breakout (bear-to-bull trend change) on the 4-hour chart. The follow-through on Friday, however, was weak with the pair back to 69.11. As a result, the immediate outlook is neutral and a break above 69.35 is needed to revive the bull setup.

A break above that level would put the focus back on the triangle breakout and open the doors to 70.00. That looks likely as the 5- and 10-day MAs are biased bullish, having produced a bullish crossover last week.

The bullish case, however, would weaken if the support at 68.76 is breached.

4-hour chart

Trend: Bull above 69.35