NZD/INR may rise 26 - 38 pips

Our pivot point is at 52.17.

Our preference

The upside prevails as long as 52.17 is support.

Alternative scenario

The downside breakout of 52.17 would call for 51.96 and 51.84.

Comment

The RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (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 52.07 and 52.04).

Supports and resistances

52.99 **

52.86 *

52.74 **

52.62

52.36 last

52.26

52.17 **

51.96 *

51.84 **

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