Jul 09 2018

Trade Idea for the day

USDINR :- Local pair gained and gave a gap down opening at 68.57 and fell to a high of 68.71 levels, currently trading below 14 day SMA on hourly charts. Momentum indicators like RSI at 40 indicating to buy and MACD around zero line giving buy signals.

Our Preference:-  Buy below 68.60

Target – 68.75-68.80

Stop loss – 68.53

EURINR: – Pair is trading close to the opening levels of 80.66 after rupee fell from opening level to above 68.70 levels, currently trading around 21 day SMA. Momentum indicators like RSI at 54 and MACD above zero line giving sell signals.

Our Preference: – Sell above 80.70

Target – 80.45-80.50

Stop loss – 80.85

GBPINR: – Pair moved higher after GBP cross moved higher to above 1.3350 levels and rupee moved lower towards 68.70, currently trading above 14 Day SMA on hourly charts. Momentum indicators like RSI at 61 and MACD above zero line giving sell signal.

Our Preference: – Sell above 91.60

Target – 91.20-91.30

Stop loss – 91.72

JPYINR: – The pair is trading in desending triangle pattern down after rupee gained since last week’s closing at 68.8750, currently trading below 20 day SMA on hourly charts. Momentum indicators with MACD below zero line and RSI at 47 giving buy signals.

Our Preference: – Buy below 0.6210

Target – 0.6230-0.6235

Stop loss – 0.6200