Jul 31 2018

Trade Idea for the Day

USDINR: The pair seems to hold the neckline support of Double Top – which come at around 68.57-60, along with that RSI(!4) is reaching towards oversold zone. .

Our Preference: – Buy at 68.60

Target – 68.75 and 68.80

Stop loss – 68.51

EURINR:- On a hourly chart the pair is trading well above 200-period Simple Moving Average. Immediate resistance for the same stood at 80.66(trend line resistance), but before reaching to that resistance, the pair can test the 200-period SMA as RSI(14) is at overbought territory.

Our Preference:- Buy at 80.32-35

Target:- 80.60

Stoploss:- 80.20