Aug 23 2018

Trade idea for the day

USDINR: Just after a gap up open, the pair had formed a inverted hammer candlestick reversal on 30 minutes chart. RSI (14 period) is also trading close to its overbought region..

Our Preference: – Sell at 70.05-70.08

Target – 69.90

Stop loss – 70.15

EURINR: The pair is trying to attempt its previous peak – which stood at 81.20. RSI (14 period) is at 60 mark, that means the indicator is hovering close to its overbought zone.

Our Preference: – Sell at 81.15-20

Target – 80.80

Stop loss – 81.35

JPYINR: On a 30 minutes chart, the pair is trading close to its 200 period Simple Moving Average resistance. Slow Stochastic is about to give a bearish crossover in over bought zone.

Our Preference: – Sell at 0.6328

Target – 0.6305

Stop loss – 0.6340