NZD/INR may rise 24 - 36 pips

Our pivot point stands at 51.69.

Our preference

The upside prevails as long as 51.69 is support.

Alternative scenario

The downside breakout of 51.69 would call for 51.49 and 51.37.

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 positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 51.75 and 51.75).

Supports and resistances

52.46 **

52.33 *

52.21 **

52.09

51.85 last

51.77

51.69 **

51.49 *

51.37 **

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