NZD/INR may fall to 47.50 - 48.04

Our pivot point is at 50.12.

Our preference

The downside prevails as long as 50.12 is resistance.

Alternative scenario

The upside breakout of 50.12, would call for 51.04 and 51.59.

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 50.52 and 50.72).

Supports and resistances

51.59 **

51.04 *

50.12 **

49.75

49.38 last

48.04

47.50 **

46.95 *

46.40 **

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