Aug 03 2018

Trade idea for the day

USDINR: Pair is trading close to its resistance area and it seem to get some relief after yesterday’s sharp fall. Slow stochastic is above 80 mark and is about to give a bearish crossover.

Our Preference: – Sell at 68.74

Target – 68.58

Stop loss – 68.82

GBPINR: A sign of recovery or pull back for intraday is seen on the hourly chart as RSI(14) manages to trade above 50 and MACD and Signal line has given a bullish crossover below its zero-line.

Our Preference: – Buy at 89.46

Target – 89.75

Stop loss – 89.30

EURINR: A positive divergence with a bullish crossover is seen in MACD  and RSI (14period) indicator on a hourly chart. Indicating the prices to move higher. Immediate resistance for the same seen at around 79.97 mark.

Our Preference: – Buy at 79.67

Target – 79.97

Stop loss – 79.52

JPYINR: The pair seems struggling between the trap of Moving Averages on a hourly chart. 50-period EMA is giving support at 0.6142 while the 200-period SMA resistance is hanging up at 0.6167 level. We believe to short the pair once it reaches the 200-period resistance.

Our Preference: – Sell at 0.6166

Target – 0.6145

Stop loss – 0.6176