USD/INR Price Analysis: Indian Rupee consolidating in a narrowing price range

• USD/INR's daily chart shows a symmetrical triangle pattern. 
•  A triangle breakdown would expose a widely-tracked simple moving average support.

USD/INR fell by 0.38% on Tuesday, keeping intact a four-week-long narrowing price range represented by trendlines connecting April 30 and May 12 lows and May 6 and May 18 highs. 

As of Wednesday, the upper and lower ends of the narrowing price range of the symmetrical triangle are located at 75.90 and 75.25, respectively. 

A close above 75.90 would confirm a triangle breakout and imply an end of the pullback from highs near 77 registered last month. The breakout would open the doors to a re-test of 77.00. 

On the other hand, a range breakdown, if confirmed, would indicate a resumption of the sell-off from 77.00 and shift risk in favor of a slide to the ascending 100-day simple moving average 73.94. 

Daily chart

Trend: Neutral

Technical levels

R3 76.2281
R2 76.0588
R1 75.7589
PP 75.5896
S1 75.2897
S2 75.1204
S3 74.8205