SGD/INR may rise 132 - 189 pips

61.575 is our pivot point.

Our preference

Rebound.

Alternative scenario

The downside breakout of 61.575 would call for 61.481 and 61.424.

Comment

The RSI is above its neutrality area at 50. The MACD is negative and above its signal line. The MACD must break above its zero level to trigger further gains. Moreover, the price stands above its 20 period moving average (61.647) but below its 50 period moving average (61.676).

Supports and resistances

61.958 **

61.902 *

61.846 **

61.789

61.657 last

61.612

61.575 **

61.481 *

61.424 **

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