Jul 17 2018

Trade Idea for the day

USDINR :- Rupee gave a gap up opening at 68.39 after yesterday’s close at 68.57 likely to support around the recent lows of 68.33, currently trading below 21 day SMA on hourly charts. Momentum indicators like RSI at 40 indicating to buy with MACD below zero line giving buying signals.

Our Preference:-  Buy below 68.40

Target – 68.55-68.60

Stop loss – 68.28

EURINR: – Pair moved lower since the opening levels after rupee touched day’s high of 68.28 likelt to hold 80 levels, currently trading below 21 day SMA on hourly charts. Momentum indicators like RSI at 42 indicating to buy and MACD around zero line is neutral.

Our Preference: – Buy below 80.10

Target – 80.25-80.35

Stop loss – 79.98

GBPINR: – Pair is trading around day’s low as rupee gained and moved below 68.30. GBP cross trading at day’s high is likely to take the pair higher, currently trading below 21 Day SMA on hourly charts. Momentum indicators like RSI at 32 is around oversold zone and MACD below zero line giving buy signals.

Our Preference: – Buy below 90.50

Target – 90.70-90.80

Stop loss – 90.35

JPYINR: – The pair moved lower after rupee touched day’s high of 68.28 likelt to take support around the current levels, currently trading below 14 day SMA on hourly charts. Momentum indicators like MACD below zero line and RSI at 41 is giving buy signals.

Our Preference: – Buy below 0.6085

Target – 0.6110-0.6120

Stop loss – 0.6070