AUD/INR may rise 183 - 274 pips

Our pivot point stands at 55.567.

Our preference

The upside prevails as long as 55.567 is support.

Alternative scenario

The downside breakout of 55.567 would call for 55.415 and 55.324.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 55.625 and 55.572). Finally, the AUD/INR has crossed above its upper Bollinger band (55.720).

Supports and resistances

56.212 **

56.121 *

56.030 **

55.939

55.756 last

55.627

55.567 **

55.415 *

55.324 **

Number of asterisks represents the strength of support and resistance levels.