USD/INR may fall 5 - 7 pips

Our pivot point is at 83.69.

Our preference

Technical rebound towards 83.69 before a new drop.

Alternative scenario

Above 83.69, look for 83.73 and 83.75.

Comment

The RSI is above 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above its 20 period moving average (83.65) but under its 50 period moving average (83.67).

Supports and resistances

83.75 **

83.73 *

83.69 **

83.68

83.66 last

83.61

83.59 **

83.57 *

83.54 **

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