SGD/INR may rise 114 - 171 pips

Our pivot point stands at 63.671.

Our preference

The upside prevails as long as 63.671 is support.

Alternative scenario

The downside breakout of 63.671 would call for 63.575 and 63.518.

Comment

The RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 63.702 and 63.619). Finally, the SGD/INR has crossed above its upper Bollinger band (63.750).

Supports and resistances

64.048 **

63.991 *

63.934 **

63.877

63.763 last

63.708

63.671 **

63.575 *

63.518 **

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