Feb 11 2019

Trade Idea of the day

USDINR:-On a hourly chart, the pair is likely to find the support at 50 period exponential moving average – which is coming at 71.18 now. RSI (14 period) is at 34 mark, close to its oversold zone – signalling a possible intra-day up move.

Our Preference:- Buy at  71.16

Target- 71.32 and 71.37

Stop loss- 71.06

JPYINR- Rounding top can be seen in the pair and it is about to complete at 0.6450. Relative Strength Index of 14 day is at 31 which is in downtrend zone.  Stochastic slow is already in oversold territory.

Our Preference- Sell at 0.6470

Target- 0.6450

Stop loss- 0.6482

 

USDJPY– Hourly chart indicating price of the pair to go down. Momentum indicators are in overbought territory- RSI of 14 day is at 70 and Stochastic slow is at 85.

Our Preference– Sell at 110.20

Target– 109.90

Stop loss– 110.35