May 23 2018

Trade Idea for the day

USDINR :- Local Pair moved higher after breaching past the recent high of 68.15 and in the initial trade touched a high of 68.29. RSI indcating to sell with MACD above zero line line giving sell signals.

Our Preference:-  Sell around 68.25

Target – 68.10-68.15

Stop loss – 68.32

EURINR: – Trading below the yesterday closing levels of 80.34, currently above 14 day SMA on hourly charts. Momentum indicators RSI indicating to Sell and MACD above zero line giving sell signals.

Our Preference: – Sell around 80.25

Target – 80.00-80.05

Stop loss – 80.35

GBPINR: – Not seen sustaining above 91.50 levels GBP cross moved below 1.34 can pull the pair lower, currently trading below 5 day SMA. Momentum indicators like RSI indicating to buy with MACD below zero line giving buy signals.

Our Preference: – Sell Around 91.40

Target – 91.20-91.25

Stop loss – 91.53

JPYINR: – Pair has touched level of 0.62 highest since April 2018, trading well above its 14 day SMA mark. Technical indicators like RSI is highly overbought and MACD above zero line giving bearish momentum in the pair.

Our Preference: – Sell around 0.6200

Target – 0.6160-0.6170

Stop loss – 0.6225