Jul 19 2018

Trade Idea for the day

USDINR :- Rupee gave a gap down opening at 68.70 against previous close of 68.62 currently trading around low, well above 14 day SMA on hourly charts. Momentum indicators like RSI at 69 indicating to sell with MACD above zero line giving sell signals.

Our Preference:-  Sell above 68.85

Target – 68.65-68.70

Stop loss – 68.95

EURINR: – Pair is trading around the opening levels of 80.06 is likely to take resistance above 80 levels and head lower, currently trading above 14 day SMA on hourly charts. Momentum indicators like RSI at 67 is heading towards overbought zone and MACD above zero line giving buy signals.

Our Preference: – Sell above 80.05

Target – 79.75-79.85

Stop loss – 80.16

GBPINR: – Pair took resistance towards 90 levels is currently trading below the opening levels of 89.83 likelt to head lower, currently trading above 21 day SMA. Momentum indicators like RSI at 50 is neutral and MACD above zero line giving sell signals.

Our Preference: – Sell above 89.80

Target – 89.50-89.60

Stop loss – 89.93

JPYINR: – The pair moved higher after rupee touched day’s low past 69 levels likely to take resistance around the blue horizontal line on top, currently trading above 14 day SMA. Momentum indicators like MACD above zero line  and RSI at 78 is in oversold zone giving sell signals.

Our Preference: – Sell above 0.6105

Target – 0.6070-0.6080

Stop loss – 0.6115