Aug 13 2018

Trade idea for the day

USDINR: The pair is trading close to its record highs, marked today at 69.61 on Turkish lira’s decline. Momentum indicators are extremely overbought as RSI(14) is at 82 mark on hourly chart .

Our Preference: – Sell at 69.50-69.55

Target – 69.20

Stop loss – 69.65

EURINR: The pair seen facing resistance around 79.20-30 mark on a hourly chart. A trend-line resistance is seen along with a 89 period Simple Moving Average.

Our Preference: – Sell at 79.10

Target – 78.75

Stop loss – 79.23

GBPINR: The pair is trading close to the 200 period SMA resistance on a hourly chart. RSI(14) started turning back after reaching the overbought territory. Immediate support for the pair is at 88.15 (50 period EMA).

Our Preference: – Buy at 88.60

Target – 88.20

Stop loss – 88.75

JPYINR: The hourly chart is indicating that the pair is trying to cover its correction/retracement for the recent rally. RSI(14) turned back after reaching above 70 mark and MACD is about to give bearish crossover with Signal line.

Our Preference: – Sell at 0.6294

Target – 0.6260

Stop loss – 0.6310