Jul 24 2018

Trade Idea for the day

USDINR:- On a hourly chart the pair seems to find its short term support at 21-hour Simple moving average, which is at around 68.88. Momentum indicator 14-period Relative Strength Index is above 50 mark-indicating that bulls are still on active mode.

Our Preference:- Buy at 68.86-88

Target:- 69.00 and 69.07

Stoploss:- 68.82

EURINR:-The pair is hovering in a Symmetrical Triangle range in hourly chart, and is presently trading close to its support zone. 14-period RSI is near its oversold region(30mark) currently at 45.

Our Preference:-Buy at 80.48

Target:-80.63 and 80.69

Stoploss:- 80.41

GBPINR: The Currency pair has came above with a bullish breakout after hovering in a tight range and is likely to move further. Price action is above 14 Period SMA with MACD and Signal line crossover.

Our Preference: – Buy at  Current market 90.25

Target – 90.50

Stop loss – 90.10

JPYINR: The pair seem to form a Double Top Pattern around 0.6205 mark on a hourly chart, 14-period RSI is at 70 mark(overbought region) giving an indication of price reversal.

Our Preference: – Sell at 0.6205

Target – 0.6184 and 0.6172

Stop loss – 0.6217