Jul 20 2018

Trade Idea for the day

USDINR :- Rupee after opening at 69.0150 touched to all time lows of 69.12 likely RBI intervention took the pair to below 68.90, currently trading below 21 day SMA on hourly charts. Momentum indicators like RSI at 46 is neutral with MACD above zero line giving sell signals.

Our Preference:-  Sell above 68.90

Target – 68.65-68.70

Stop loss – 68.97

EURINR: – Pair is down since the opening levels of 80.40 after touching day high of 80.53 which is seen as near term resistance, currently trading below 14 day SMA on hourly charts. Momentum indicators like RSI at 46 is neutral and MACD crossover above zero line giving sell signals.

Our Preference: – Sell above 80.20

Target – 79.90-80.00

Stop loss – 80.33

GBPINR: – Pair down since the opening levels of 89.85 after rupee came of day’s low to touch 68.84 levels, currently trading below 21 day SMA. Momentum indicators like RSI at 42 and MACD below zero line giving buy signals.

Our Preference: – Buy below 89.60

Target – 89.80-89.90

Stop loss – 89.47

JPYINR: – The pair moved higher and took resistance around 0.6150 levels as rupee came off lows of 69.12 to below 68.90, currently trading below 14 day SMA. Momentum indicators like MACD crossover above zero line  indicating to sell and RSI at 54 giving sell signals.

Our Preference: – Sell above 0.6130

Target – 0.6090-0.6100

Stop loss – 0.6145