Aug 28 2018

Trade idea for the day

USDINR: A formation of symmetrical triangle on a hourly chart has taken place, in which the resistance of same stood at 70.15 and the pair is currently hovering close to its resistance.

Our Preference: – Sell at 70.12-15

Target – 69.92

Stop loss – 70.20

EURINR: The pair breaks down the consolidated range formed at the peak of hourly chart, signalling bearish bias for intraday. Immediate support of 50 period EMA is at 81.53.

Our Preference: – Sell at 81.84

Target – 81.55

Stop loss – 81.99

GBPINR: The pair is trading well above 50 period Exponential Moving Average and Relative Strength Index (14 period) has also turned back from 50 mark – indicating the bulls strength.

Our Preference: – Buy at 90.30

Target – 90.60

Stop loss – 90.15