May 31 2018

Trade Idea for the day

USDINR :- Rupee gained initially during the day and then fell to lows of 68.59. Technical indicators like RSI near oversold territory with MACD around zero line giving buy signals.

Our Preference:-  Buy below 67.45

Target – 67.60-67.65

Stop loss – 67.37

EURINR: – Recovery in euro cross pushed the pair higher during the day, curently trading well above 14 Day SMA on hourly charts. Momentum indicators like MACD above zero line and RSI towards overbought zone giving sell signals.

Our Preference: – Sell above 79.10

Target – 78.80-78.85

Stop loss – 79.21

GBPINR: – Recovered from lows of 89.40 levels and moved higher above 90, currently above 21 day SMA on hourly charts. Momentum indicators Like MACD around zero line and RSI giving sell signals.

Our Preference: – Sell above 90.05

Target – 89.80-89.85

Stop loss – 90.15

JPYINR: – Pair down from opening levels seen again heading upward towards resistance line, currently above 14 day SMA on hourly charts. Momentum indicators like RSI is neutral with MACD below zero line giving buying signals.

Our Preference: – Buy at 0.6190

Target – 0.6210-0.6215

Stop loss – 0.6180