NZD/INR may rise to 52.56 - 53.23

Our pivot point is at 50.20.

Our preference

As long as 50.20 is support look for 53.23.

Alternative scenario

The downside breakout of 50.20 would call for 49.07 and 48.40.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 51.11 and 50.32).

Supports and resistances

54.58 **

53.91 *

53.23 **

52.56

51.18 last

50.64

50.20 **

49.07 *

48.40 **

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