AUD/INR may fall 243 - 364 pips

56.392 is our pivot point.

Our preference

The downside prevails as long as 56.392 is resistance.

Alternative scenario

The upside breakout of 56.392, would call for 56.597 and 56.718.

Comment

The RSI is below 50. 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 56.289 and 56.350).

Supports and resistances

56.718 **

56.597 *

56.392 **

56.312

56.232 last

55.989

55.868 **

55.746 *

55.624 **

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