Aug 08 2018

Trade idea for the day

USDINR: The is likely to find its short term support at around 68.52-55 levels (neckline of recent formed Double Top). RSI(14) and Stochastic (Slow), both are trying to test their oversold territory.

Our Preference: – Buy at 68.52-55

Target – 68.70

Stop loss – 68.45

EURINR: EURINR is trading close to its resistance area, along with that indicator has also reached its overbought region. Trend-line resistance with 200 period Simple Moving Average at 79.79 and RSI(14) is hovering above 70 mark (currently at 71).

Our Preference: – Sell at 79.79

Target – 79.57

Stop loss – 79.89

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 88.98

Target – 89.30

Stop loss – 88.83

JPYINR: The pair is trading well above 50period Exponential Moving Average and along with that a big bullish candle is formed on hourly chart. Immediate support is seen at 0.6170.

Our Preference: – Buy at 0.6170

Target – 0.6190

Stop loss – 0.6160