May 24 2018

Trade Idea for the day

USDINR :- Touched a high of 68.46 yesterday in the closing session, pair now close to yesterday’s closing level and above 14 day SMA now. Momentum indicators like RSI indicating to sell with MACD above zero line suporting the view.

Our Preference:-  Sell above 68.40

Target – 68.25-68.30

Stop loss – 68.47

EURINR: – Pair seen taking resistance at around 80.35 levels on daily charts, trading well above 14 Day SMA on hourly charts now. Technical indicators RSI indicating to Sell and MACD around zero line giving sell signals.

Our Preference: – Sell above 80.20

Target – 79.95-80.00

Stop loss – 80.35

GBPINR: -Seen taking trend line resistance at around 91.45-50 levels, trading above 21 day SMA on hourly charts. Momentum indicators like RSI indicating to sell with MACD above zero line giving sell signals.

Our Preference: – Sell Around 91.40

Target – 91.20-91.25

Stop loss – 91.53

JPYINR: – Trading at the highest levels since dec. 2016, Currently above 14 day SMA on hourly charts. Technical indicators like RSI is indicating to sell with MACD above zero line giving signals of correcion in the pair.

Our Preference: – Sell around 0.6240

Target – 0.6210-0.6215

Stop loss – 0.6253