AUD/INR may fall 193 - 289 pips

Our pivot point stands at 56.380.

Our preference

Target 55.952.

Alternative scenario

Above 56.380, look for 56.542 and 56.638.

Comment

The RSI is below its neutrality area at 50. The MACD is below its signal line and positive. The MACD must penetrate its zero line to expect further downside. Moreover, the price is below its 20 period moving average (56.283) but above its 50 period moving average (56.240).

Supports and resistances

56.638 **

56.542 *

56.380 **

56.317

56.241 last

56.048

55.952 **

55.856 *

55.759 **

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