Jun 29 2018

Trade Idea for the day

USDINR :- Rupee recovered after making a new low of 69.09 down from the opening levels of 69.70, currently trading below 14 day SMA on hourly charts. Momentum indicators like RSI at 41 indicating to buy and MACD below zero line giving buy signals.

Our Preference:-  Buy below 68.55

Target – 68.75-68.80

Stop loss – 68.40

EURINR: – Pair down since the opening levels of 79.91 after rupee recovered from all time lows, currently trading below 14 day SMA. Technical indicators are neutral with RSI at 45 levels and MACD around zero line.

Our Preference: – buy below 79.50

Target – 79.75-79.80

Stop loss – 79.37

GBPINR: – Pair is trading close to the opening levels as rupee moved lower and GBP cross recovered from recent lows, currently trading above 21 Day SMA on hourly charts. Momentum indicators like RSI at 49 is neutal and MACD crossover below zero line giving buy signal.

Our Preference: – Buy below 90.05

Target – 90.25-90.30

Stop loss – 89.93

JPYINR: – The pair is likely to take support around current levels and head higher, currently trading above 14 day SMA on hourly charts. Momentum indicators like MACD below zero line and RSI at 35 giving buy signals.

Our Preference: – Buy below 0.6180

Target – 0.6220-0.6230

Stop loss – 0.6160