Jul 03 2018

Trade Idea for the day

EURUSD: Pair is seen converging in a symmetrical triangle pattern, currently trading above 14 day SMA on hourly charts. Momentum indicators like MACD crossover below zero line is indicating upside and RSI at around 50 is neutral.

Our Preference: – Buy below 1.1630

Target – 1.1660-1.1670

Stop loss – 1.1615

GBPUSD: – After recovering from 7 month lows pair took resistance at around 1.32 levels seen holding the upward sloping support line on hourly charts. Momentum indicators with RSI at 48 is neutral and MACD below zero line giving buy signals.

Preference: – Buy below 1.3130

Target – 1.3160-1.3170

Stop loss – 1.3115

USDJPY: – Pair is trading close to the 111 mark and is seen taking resistance above 111 mark, currently trading above 21 day SMA on hourly charts. Technical indicators like RSI at 57 and MACD above zero line giving sell signals.

Our Preference: – Sell above 111.00

Target – 110.60-110.70

Stop loss – 111.15