Jul 13 2018

Trade Idea for the day

USDINR :- Rupee gave a gap up opening at 68.37 levels from previous close of 68.57 is still holding well near recent lows of 68.33, currently trading below 21 day SMA on hourly charts. Momentum indicators like RSI at 32 is heading towards oversold zone and MACD below zero line giving buying signals.

Our Preference:-  Buy below 68.40

Target – 68.55-68.60

Stop loss – 68.30

EURINR: – A sharp fall on daily charts on back of euro crosses falling below 1.17 and rupee recovering to recent highs after touching 69, currently trading below 21 day SMA on hourly charts. Momentum indicators like RSI at 35 indicating to buy and MACD below zero line giving buy signals.

Our Preference: – Buy below 79.65

Target – 79.85-79.90

Stop loss – 79.55

GBPINR: – Pair moved lower since the opening level after GBP cross fell to day’s low, currently trading above 14 Day SMA on hourly charts. Momentum indicators like RSI at 33 is around oversold zone and MACD below zero line giving buy signals.

Our Preference: – Buy below 89.80

Target – 90.05-90.10

Stop loss – 89.75

JPYINR: – The pair moved lower after JPY cross continued its fall against the US dollar and rupee gained to touch 68.33, currently trading around 14 day SMA on hourly charts. Momentum indicators with MACD below zero line and RSI at 39  are giving buy signals.

Our Preference: – Buy below 0.6070

Target – 0.6100-0.6110

Stop loss – 0.6053