Oct 04 2018

Trade idea for the day

USDINR: A clear price divergence (bearish) in overbought territory is visible in RSI (14 period) at 30 minutes chart – signalling a possible intraday cool off.

Our Preference: – Sell at 73.72-75

Target – 73.45

Stop loss – 73.85.

JPYINR: The price started falling after a double top formation in hourly chart and along with that RSI (14 period) turned back from its overbought region at 70 mark. Immediate support of 200 period SMA seen at 64.17.

Our Preference: – Sell at 64.40

Target – 64.20

Stop loss – 64.50