AUD/INR may fall 180 - 250 pips

Our pivot point stands at 55.525.

Our preference

The downside prevails as long as 55.525 is resistance.

Alternative scenario

The upside breakout of 55.525, would call for 55.643 and 55.714.

Comment

The RSI is trading below 30. This could mean that either the pair is in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 55.499 and 55.563).

Supports and resistances

55.714 **

55.643 *

55.525 **

55.479

55.420 last

55.240

55.170 **

55.100 *

55.029 **

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