AUD/INR may rise 164 - 237 pips

Our pivot point stands at 55.236.

Our preference

The upside prevails as long as 55.236 is support.

Alternative scenario

The downside breakout of 55.236 would call for 55.114 and 55.042.

Comment

The RSI is above its neutrality area at 50. 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 55.280 and 55.237).

Supports and resistances

55.725 **

55.653 *

55.581 **

55.508

55.344 last

55.284

55.236 **

55.114 *

55.042 **

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