AUD/INR may fall 138 - 208 pips

Our pivot point is at 54.766.

Our preference

The downside prevails as long as 54.766 is resistance.

Alternative scenario

Above 54.766, look for 54.883 and 54.952.

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 stands below its 20 and 50 period moving average (respectively at 54.882 and 55.074).

Supports and resistances

54.952 **

54.883 *

54.766 **

54.720

54.639 last

54.501

54.431 **

54.362 *

54.292 **

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