Jul 16 2018

Trade Idea for the day

USDINR :- Rupee gave a flat opening at 68.54 levels and is trading close to day’s high level after recovering from Friday’s lows, currently trading above 14 day SMA on hourly charts. Momentum indicators like RSI at 52 is neutral and MACD below zero line giving buying signals.

Our Preference:-  Buy below 68.55

Target – 68.70-68.75

Stop loss – 68.46

EURINR: – Recovered after taking support around 79.50 levels is trading near the day highs as Rupee moved lower, currently trading well above 21 day SMA on hourly charts. Momentum indicators like RSI at 75 is in overbought zone and MACD above zero line giving sell signals.

Our Preference: – Sell above 80.25

Target – 80.00-80.05

Stop loss – 80.35

JPYINR: – The pair recovered from recent lows after rupee fell from recent highs of 68.33 to 68.60 now, currently trading just above 14 day SMA on hourly charts. Momentum indicators with MACD above zero line and RSI at 62 is giving sell signals.

Our Preference: – Sell above 0.6100

Target – 0.6070-0.6080

Stop loss – 0.6110