Aug 10 2018

Trade idea for the day

USDINR: The pair is trading close to its downward sloping trend-line resistance, which is at around 68.87-90. RSI(14) is at 67 mark, that mean hovering near its overbought zone – indicating limited upside.

Our Preference: – Sell at 68.87-90

Target – 68.70

Stop loss – 68.95

EURINR: The pair had formed a Double bottom pattern on hourly chart, a bullish reversal pattern. Momentum indicator MACD has also given a bullish crossover with signal line. Immediate resistance of 200 period simple moving average is at 79.66.

Our Preference: – Buy at 79.30-32

Target – 79.62

Stop loss – 79.15

GBPINR: The pair bounced back after getting a trend-line support at around 88.10, currently it is trading below 50 period EMA on 30 minutes chart. It seems the pair can bounce back after reaching the trend-line support.

Our Preference: – Buy at 88.10

Target – 88.30 and 88.45

Stop loss – 87.98

JPYINR: JPYINR fell after facing the resistance on hourly chart at 0.6223 mark. RSI(14) is showing bearish divergence – indicating further downmove.

Our Preference: – Sell at 0.6204

Target – 0.6180

Stop loss – 0.6216