NZD/INR may fall 32 - 47 pips

Our pivot point stands at 51.23.

Our preference

Target 50.50.

Alternative scenario

The upside breakout of 51.23, would call for 51.50 and 51.65.

Comment

The RSI is below its neutrality area at 50. The MACD is positive and below its signal line. The MACD must penetrate its zero line to expect further downside. Moreover, the price is below its 20 period moving average (51.03) but above its 50 period moving average (50.96).

Supports and resistances

51.65 **

51.50 *

51.23 **

51.13

50.97 last

50.65

50.50 **

50.34 *

50.18 **

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