Jul 10 2018

Trade Idea for the day

USDINR :- Local pair weakened after a flat opening of 68.72 and fell to a high of 68.8325, currently trading above 14 day SMA on hourly charts. Momentum indicators like RSI at 55 and MACD around zero line indicating to sell.

Our Preference:-  Sell above 68.80

Target – 68.60-68.65

Stop loss – 68.89

EURINR: – Pair is trading close to the opening levels of 80.77 after rupee fell from opening level to above 68.80 levels, currently trading around 21 day SMA. Momentum indicators like RSI at 55 and MACD just above zero line giving sell signals.

Our Preference: – Sell above 80.80

Target – 80.50-80.60

Stop loss – 80.95

GBPINR: – Pair moved higher after GBP cross recovered from overnight losses to touch 1.33 levels, currently trading above 14 Day SMA on hourly charts. Momentum indicators like RSI at 56 and MACD above zero line giving sell signals.

Our Preference: – Sell above 91.30

Target – 91.00-91.05

Stop loss – 91.43

JPYINR: – The pair fell after JPY cross moved past 111 mark and touched a level last seen on 22nd May 2018, currently trading below 21 day SMA on hourly charts. Momentum indicators with MACD crossover below zero line and RSI at 44 giving buy signals.

Our Preference: – Buy below 0.6190

Target – 0.6220-0.6230

Stop loss – 0.6180