SGD/INR may fall 140 - 211 pips

63.810 is our pivot point.

Our preference

The downside prevails as long as 63.810 is resistance.

Alternative scenario

Above 63.810, look for 63.928 and 63.998.

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 63.800 and 63.848).

Supports and resistances

63.998 **

63.928 *

63.810 **

63.763

63.699 last

63.559

63.488 **

63.418 *

63.348 **

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