Jun 19 2018

Trade Idea for the day

USDINR :- Rupee weakened after a flat opening of 67.9825 is trading around day’s low now, above 14 day SMA on hourly charts. Momentum indicators like RSI at 59 and MACD above zero line giving sell signals.

Our Preference:-  Sell above 68.20

Target – 67.95-68.00

Stop loss – 68.30

EURINR: – Pair down from the opening level of around 79.13 as euro crosses fell below 1.16 levels, currently trading below 21 day SMA on hourly charts. Technical indicators like RSI around 48 levels is neutral with MACD crossover above zero line giving sell signals.

Our Preference: – Sell Above 79 levels

Target – 78.70-78.80

Stop loss – 79.15

GBPINR: – Pair corrected from the opening level of 90.20 on back of risk aversion and weekness in GBP cross below 1.32, currently below 14 Day SMA on hourly charts. Momentum indicators Like MACD around zero line and RSI around 41 giving buying signals.

Our Preference: – Buy below 90.00

Target – 90.20-90.30

Stop loss – 89.90

JPYINR: – USDINR trading around days high of 68.20 and USDJPY at 109.77 pushed the pair higher, currently above 14 day SMA on hourly charts. Momentum indicators like MACD above zero line and RSI at 69 is around overbought territory giving sell signals.

Our Preference: – Sell above 0.6215

Target – 0.6180-0.6190

Stop loss – 0.6225