Jul 04 2018

Trade Idea for the day

USDINR :- Local pair gave a gap down opening at 68.52 is trading in desending triangle pattern, currently trading below 21 day SMA on hourly charts. Momentum indicators like RSI at 43 and MACD below zero line giving buy signals.

Our Preference:-  Buy below 68.50

Target – 68.65-68.70

Stop loss – 68.38

EURINR: – Pair is trading close to the opening levels of 79.92 is likely to find support around 79.85 levels and head higher. Technical indicators are neutral with RSI at 50 and MACD around zero line.

Our Preference: – Buy below 79.95

Target – 80.15-80.20

Stop loss – 79.85

GBPINR: – Pair moved higher since the opening levels of 90.45 after rupee fell from the opening levels of 68.52, currently trading well above 21 Day SMA on hourly charts. Momentum indicators like RSI at 59 and MACD above zero line giving sell signal.

Our Preference: – Sell above 90.60

Target – 90.30-90.40

Stop loss – 90.72

JPYINR: – The pair is trading in a narrow range as rupee gains was offset by yen gains,currently trading above 21 day SMA on hourly charts. Momentum indicators with MACD above zero line and RSI at 54 giving sell signals.

Our Preference: – Sell above 0.6210

Target – 0.6180-0.6190

Stop loss – 0.6220