Aug 07 2018

Trade Idea for the day

USDINR: Intraday picture for USDINR is looking to be bearish, on a hourly chart the pair formed a double candlestick reversal (Dark cloud) with a bearish divergence in RSI (14 period).

Our Preference: – Sell at 68.85-87

Target – 68.70 and 68.65

Stop loss – 68.96

GBPINR: The pair is trying to gather the bullish momentum on a hourly chart. the only hurdle which is stopping GBPINR to move higher is 50-period EMA. Momentum indicators are giving neutral to bullish signals.

Our Preference: – Buy above 89.17

Target – 89.30 and 89.50

Stop loss – 89.05

EURINR: The pair is likely to find its short term support at 50-period Exponential moving average, which stood at around 79.48 mark. Immediate resistance of 200 period Simple moving average is at 79.86.

Our Preference: – Buy at 79.48

Target – 79.86

Stop loss – 79.30

JPYINR: The pair is hovering close to its resistance zone – giving an indication that prices can reverse soon. RSI(14) and Stochastic slow, both are turned back after reaching the overbought zone.

Our Preference: – Sell at 0.6180

Target – 0.6154

Stop loss – 0.6193