SGD/INR may fall 86 - 129 pips

Our pivot point stands at 62.346.

Our preference

The downside prevails as long as 62.346 is resistance.

Alternative scenario

The upside breakout of 62.346, would call for 62.418 and 62.461.

Comment

The RSI is below its neutrality area at 50. 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 62.334 and 62.347). Finally, the SGD/INR is trading below its lower Bollinger band (standing at 62.289).

Supports and resistances

62.461 **

62.418 *

62.346 **

62.317

62.289 last

62.203

62.160 **

62.117 *

62.074 **

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