Aug 06 2018

Trade idea for the day

USDINR: A short term immediate resistance of 50period EMA is seen at around 68.63-65 levels. Momentum indicators are giving a neutral to bearish stance as MACD and Signal line has given a negative crossover, while RSI(14) is hovering below the 50 mark.

Our Preference: – Sell at 68.63-65

Target – 68.50 and 68.45

Stop loss – 68.75

EURINR: The pair is showing some signs of correction/retracement on a hourly chart. MACD has given a bullish crossover with signal line and RSI(14) turned back after getting oversold.

Our Preference: – Buy at 79.28

Target – 79.50

Stop loss – 79.18

GBPINR: A positive divergence with a bullish crossover is seen in MACD and along with that RSI(14) is also showing us a bullish divergence on a hourly chart. Indicating the prices to move higher.

Our Preference: – Buy at 89.24

Target – 89.50

Stop loss – 89.10