AUD/INR may fall 234 - 326 pips

Our pivot point stands at 55.707.

Our preference

The downside prevails as long as 55.707 is resistance.

Alternative scenario

The upside breakout of 55.707, would call for 55.861 and 55.953.

Comment

The RSI is below its neutrality area at 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 55.679 and 55.696). Finally, the AUD/INR has penetrated its lower Bollinger band (55.579).

Supports and resistances

55.953 **

55.861 *

55.707 **

55.647

55.575 last

55.341

55.249 **

55.157 *

55.065 **

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