Jul 30 2018

Trade Idea for the day

USDINR: The pair seem to take support on a 200 period simple moving average, the support of the same is seen at 68.71. Relative Strength Index(14 period) is neutral at 50 mark.

Our Preference: – Buy at 68.71

Target – 68.85

Stop loss – 68.67

EURINR: Currency pair had already breaks the range in which it was consolidating on a hourly chart. The breakout region is at around 80.05 mark and the single unit is currently at  80.15. Immediate resistance of 200-period SMA is at 80.26.

Our Preference: – Buy at 80.06

Target – 80.26

Stop loss – 79.96

JPYINR: JPYINR on a hourly chart is likely to turn back after testing the immediate resistance which is at around 0.6195. Relative strength index(14-period) is reaching towards its overbought territory.

Our Preference: – Sell at 0.6193

Target – 0.6172

Stop loss – 0.6203