SGD/INR may rise 79 - 118 pips

Our pivot point stands at 62.478.

Our preference

The upside prevails as long as 62.478 is support.

Alternative scenario

Below 62.478, expect 62.412 and 62.373.

Comment

The RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 62.422 and 62.355). Finally, the SGD/INR has crossed above its upper Bollinger band (62.529).

Supports and resistances

62.727 **

62.688 *

62.649 **

62.610

62.531 last

62.504

62.478 **

62.412 *

62.373 **

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