Jul 03 2018

Trade Idea for the day

USDINR :-  Rupee after giving a gap down opening at 68.8950 and took resistance at 68.96 levels, currently trading below 14 day SMA on hourly charts. Momentum indicators like RSI at 48 is neutral and MACD above zero line giving sell signals.

Our Preference:-  Sell above 68.70

Target – 68.45-68.50

Stop loss – 68.82

EURINR: – Pair down since the opening levels of 80.15 after rupee gained since the opening levels, currently trading above 21 day SMA. Technical indicators like RSI at 53 is neutral and MACD likely crossover above zero line giving sell signals.

Our Preference: – Sell above 80.00

Target – 79.65-79.75

Stop loss – 80.15

GBPINR: – Pair is back up and is trading close to the opening levels of 90.49 as the rupee gained and GBP cross recovered from day’s low, currently trading well above 14 Day SMA on hourly charts. Momentum indicators like RSI at 56 and MACD above zero line giving sell signal.

Our Preference: – Sell above 90.55

Target – 90.25-90.30

Stop loss – 90.65

JPYINR: – The pair is down since the opening after rupee recovered from day lows, currently trading below 21 day SMA on hourly charts. Momentum indicators are neutral with MACD around zero line and RSI at 45.

Our Preference: – Buy below 0.6185

Target – 0.6210-0.6220

Stop loss – 0.6160