Feb 20 2019

Trade idea for the day

USDINR:-Short term trend seems to be reversed over 30 minutes chart, as price action came below the moving averages – followed by a negative divergence in RSI(14 period). RSI is hovering in its oversold zone, so a pull back towards 71.28-30 is expected – though the trend is looking down, so its better to sell at rally.

Our Preference:- Sell at  71.28

Target- 71.00

Stop loss- 71.38

GBPINR:-The pair turned back and is currently trading at 92.89 after posting its intraday high of 93.24. Momentum indicator RSI is hovering close to its oversold zone, so a little bounce is expected before falling further. Immediate support is seen at 92.57, a 50 day exponential average support.

Our Preference:- Sell at 92.95-93.00

Target- 92.55

Stop loss- 93.12