Aug 09 2018

Trade idea for the day

USDINR: A head and Shoulder is formed on hourly chart – a bearish pattern which indicates pair to fell. Immediate resistance is seen at 68.65-68, a 200 period SMA and 50 period EMA resistance.

Our Preference: – Sell at 68.65-68

Target – 68.40

Stop loss – 68.75

EURINR: EURINR is trading close to its resistance area – 200 period SMA, along with that MACD is trying to reach below zero-line with a bearish crossover.

Our Preference: – Sell at 79.75

Target – 79.50

Stop loss – 79.87

GBPINR: A trend-line support is seen at around 88.20 levels. RSI(14) is hovering close to its oversold territory, currently at 39 mark. Immediate resistance is at 88.61 -a 200 period SMA.

Our Preference: – Buy at 88.25

Target – 88.60

Stop loss – 88.10