NZD/INR may rise to 53.01 - 53.69

Our pivot point is at 50.47.

Our preference

The upside prevails as long as 50.47 is support.

Alternative scenario

The downside breakout of 50.47 would call for 49.33 and 48.66.

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 above its 20 and 50 period moving average (respectively at 50.84 and 50.17).

Supports and resistances

55.05 **

54.37 *

53.69 **

53.01

51.60 last

50.91

50.47 **

49.33 *

48.66 **

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