Aug 29 2018

Trade idea for the day

USDINR: The pair is trading at its day high and at the current levels there is a trend-line resistance at the same levels. Immediate support of 50 period EMA is seen at 70.15.

Our Preference: – Sell at 70.30-33

Target – 70.15

Stop loss – 70.39

EURINR: The pair seems facing a trend-line resistance on 30 minutes chart. RSI (14 period) has also turned back from its overbought territory.

Our Preference: – Sell at 82.29

Target – 82.00

Stop loss – 82.43

GBPINR: The pair looks to test its upward sloping trend-line resistance at around 90.90. Relative Strength Index (14 period) is in overbought zone, indicating limited upside.

Our Preference: – Sell at 90.85

Target – 90.55 and 90.40

Stop loss – 91.00