AUD/INR may fall 278 - 395 pips

56.180 is our pivot point.

Our preference

The downside prevails as long as 56.180 is resistance.

Alternative scenario

Above 56.180, look for 56.378 and 56.495.

Comment

The RSI is below 30. It could either mean that the pair is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 56.122 and 56.152).

Supports and resistances

56.495 **

56.378 *

56.180 **

56.102

56.018 last

55.740

55.623 **

55.505 *

55.387 **

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