Oct 09 2018

Trade idea for the day

USDINR: A pennant formation is seen on the hourly chart of USDINR, indicating the pair to rise by further – as it is a trend continuation pattern. A valid breakout is required for testing the pattern target.

Our Preference: – Buy above 74.13

Target – 74.65

Stop loss – 73.98.

JPYINR: The pair started falling after reaching at the short term resistance zone on hourly chart. Momentum indicators –  MACD and RSI (14), both are in neutral to bearish mode. Immediate support is seen at 0.6518 (50 period EMA).

Our Preference: – Sell at 0.6544

Target – 0.6520

Stop loss – 0.6564