Sep 03 2018

Trade idea for the day

USDINR: On the hourly chart, USDINR has breaks down the consolidated range of 15 paisa (71.00 to 70.85) and is presently trading around 70.83/84. Momentum indicators turns neutral to bearish, immediate support of 50 EMA is at 70.53.

Our Preference: – Sell at 70.80-85

Target – 70.60

Stop loss – 70.91

EURINR: After reaching the 83 mark, the pair had steeply fallen back again to 82 levels. At present EURINR is looking oversold for shorter period as slow stochastic is struggling at 20 mark to move upper. Resistance of 50 period EMA is at 82.40.

Our Preference: – Buy at 82.10-15

Target – 82.40

Stop loss – 82.00

GBPINR: The pair seems taking support at 200 period SMA on 30 minutes chart. RSI (14 period) started consolidating at oversold region and is looking to gather bullish momentum for intraday. Immediate resistance of 50 period EMA is at 91.84

Our Preference: – Buy at 91.50

Target – 91.80

Stop loss – 91.38