Jul 06 2018

Trade Idea for the day

USDINR :- Local pair seen trading under pressure as chinese yuan depreciates again, currently trading above 21 day SMA on hourly charts. Momentum indicators like RSI at 60 and MACD above zero line giving sell signals.

Our Preference:-  Sell above 68.95

Target – 68.70-68.75

Stop loss – 69.04

EURINR: – Pair is trading above the opening levels of 80.48 after rupee fell to touch 69 levels, currently trading above 21 day SMA. Technical indicators like RSI at 60 and MACD above zero line giving sell signals.

Our Preference: – Sell above 80.75

Target – 80.45-80.50

Stop loss – 80.85

 

GBPINR: – Pair moved higher since the opening levels of 91.01 after GBP cross moved higher to touch 1.3250 levels, currently trading well above 21 Day SMA on hourly charts. Momentum indicators like RSI at 60 and MACD above zero line giving sell signal.

Our Preference: – Sell above 91.30

Target – 91.05-91.10

Stop loss – 91.42

JPYINR: – The pair is trading in a narrow range is likely to take resistance around 0.6242 levels, currently trading above 21 day SMA on hourly charts. Momentum indicators with MACD around zero line is neutral and RSI at 53 giving sell signals.

Our Preference: – Sell above 0.6230

Target – 0.6190-0.6200

Stop loss – 0.6243