Jul 18 2018

Trade Idea for the day

USDINR :- Rupee opened at 68.45 and touched yesterday’s opening levels of 68.39 after felling to day’s low of 68.57, currently trading well above 21 hour SMA. Momentum indicators like RSI at 62 indicating to sell and MACD around zero line is neutral.

Our Preference:-  Sell above 68.55

Target – 68.35-68.40

Stop loss – 68.65

EURINR: – Pair is trading around the opening levels of 79.73 is likely to take support around the horizontal blue line, currently trading below 21 day SMA on hourly charts. Momentum indicators like RSI at 37 indicating to buy and MACD below zero line giving buy signals.

Our Preference: – Buy below 79.70

Target – 79.90-80.00

Stop loss – 79.60

GBPINR: – Pair is trading around day’s low down from the opening levels of 89.70 as GBP cross fell to 1.1615, currently trading below 21 hour SMA. Momentum indicators like RSI at 17 is in oversold zone and MACD below zero line giving buy signals.

Our Preference: – Buy below 89.40

Target – 89.60-89.70

Stop loss – 89.28

JPYINR: – The pair moved higher after rupee touched day’s low of 68.58 likely to take support around the blue horizontal line, currently trading above 14 hour SMA. Momentum indicators like MACD crossover below zero line giving buy signals and RSI at 49 is neutral.

Our Preference: – Buy below 0.6060

Target – 0.6080-0.6090

Stop loss – 0.6049