Nov 02 2018

Trade idea for the day

USDINR: Momentum indicator RSI (14 period) is looking extremely oversold on the hourly chart. The price action is deviated way far from the moving averages, suggesting a possible pullback.

Our Preference: – Buy at 72.60-65

Target – 72.90

Stop loss – 72.50

JPYINR: A bullish divergence in slow stochastic at oversold area is seen on the chart, a bullish crossover between %K and %D is witnessing the prices to go higher. A hammer formation at the bottom is justifying the entry of bulls.

Our Preference: – Buy at 0.6438

Target – 0.6470

Stop loss –0.6422