AUD/INR may fall 249 - 355 pips

Our pivot point is at 55.792.

Our preference

Target 55.255.

Alternative scenario

The upside breakout of 55.792, would call for 55.971 and 56.077.

Comment

The RSI is below its neutrality area at 50. The MACD is below its signal line and positive. The MACD must penetrate its zero line to expect further downside. Moreover, the pair is trading under its 20 period moving average (55.662) but above its 50 period moving average (55.588).

Supports and resistances

56.077 **

55.971 *

55.792 **

55.722

55.610 last

55.361

55.255 **

55.149 *

55.043 **

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