USD/INR Technical Analysis: Corrective bounce toward 70.00 likely

USD/INR could see a minor bounce to 70.00, as the relative strength index (RSI) on the hourly chart has diverged in favor of the bulls. 

Hourly chart

The bullish divergence of the RSI seen in the above chart indicates scope for a test of supply around the descending trendline resistance, currently located at 70.06. Acceptance above trendline would neutralize immediate bearish pressures. 

As of writing, the pair is trading at 69.74. 

Trend: oversold bounce likely