May 28 2018

Trade Idea for the day

USDINR :- Rupee recovered from 6 week of fall, giving a weekly close at 67.7750. Given a gap down opening today and likely to head higher, technical indicators like RSI in oversold territory on hourly charts and MACD below zero line giving buy signals.

Our Preference:-  Buy around 67.40

Target – 67.55-67.60

Stop loss – 68.27

EURINR: – Fell sharply on hourly charts after crosses fell below 1.17 levels, curently below 14 Day SMA on hourly. Momentum indicators RSI in oversold teritory and MACD below zero line giving strong bullish signals.

Our Preference: – Buy around 78.60

Target – 78.80-78.85

Stop loss – 79.45

GBPINR: -A sharp fall in the pair on daily charts, likely to take support from current levels on hourly charts. Momentum indicators Like RSI in oversold teritory and MACD below zero line giving buy signals.

Our Preference: – Buy below 89.75

Target – 89.95-90.00

Stop loss – 89.65

JPYINR: – USDINR gave a gap down opening and currently trading at day’s low pulling the pair lower, currently below 14 day SMA on hourly charts. Momentum indicators like RSI towards oversold teritory and MACD below zero line giving buying signals.

Our Preference: – Buy below 0.6150

Target – 0.6170-0.6180

Stop loss – 0.6135