AUD/INR may rise 189 - 281 pips

Our pivot point is at 55.515.

Our preference

The upside prevails as long as 55.515 is support.

Alternative scenario

The downside breakout of 55.515 would call for 55.360 and 55.269.

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 above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 55.582 and 55.448).

Supports and resistances

56.125 **

56.033 *

55.941 **

55.849

55.660 last

55.575

55.515 **

55.360 *

55.269 **

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