Jun 08 2018

Trade Idea for the day

USDINR :- Local pair gave a gap down opening at 67.46  currently trading at day low of 67.57, above 14 day SMA on hourly charts. Momentum indicators like RSI at 67 is heading towards overbought zone with MACD above zero line giving buy signals.

Our Preference:-  Sell above 67.55

Target – 67.30-67.35

Stop loss – 67.65

EURINR: – Pair moved higher as USDINR touched above 67.53 levels and Euro cross moved above 1.18, pair likely to take resistance around blue line. Technical indicators like RSI around 60 levels and MACD above zero line giving sell signals.

Our Preference: – Sell above 79.55

Target – 79.35-79.40

Stop loss – 79.65

GBPINR: – Seen taking resistance at around current levels, trading above 14 day 14 day SMA. Momentum indicators Like MACD above zero line with RSI around 64 giving sell signals.

Our Preference: – Buy around 90.70

Target – 90.45-90.50

Stop loss – 90.81

JPYINR: – USDINR trading around days high and USDJPY at day’s low pushed the pair higher. Momentum indicators like MACD above zero line and RSI at 72 is in overbought territory giving buying signals.

Our Preference: – Sell above 0.6180

Target – 0.6140-0.6150

Stop loss – 0.6195