Jun 04 2018

Trade Idea for the day

EURUSD: – After a sharp recovery pair seen consolidating on daily charts, currently trading above 14 day SMA on hourly charts seen taking resistance around 1.17 levels. Technical indicators like MACD around zero line is neutral with RSI giving sell signals.

Our Preference: – Sell Above 1.1690

Target – 1.1665-1.1670

Stop loss – 1.1710

GBPUSD: – Recovered from recent lows seen consolidating on hourly charts, currently trading above 21 day SMA. Momentum indicators MACD above zero line and RSI heading towards overbought territory giving sell signals.

Preference: – Sell above 1.3365

Target – 1.3335-1.3340

Stop loss – 1.3233

USDJPY: – Having recover from the lows of around 108 levels likely to take resistance at horizontal blue line. Technical indicators like MACD above zero line and RSI above 60 giving sell signals.

Our Preference: – Sell above 109.60

Target – 109.40-109.45

Stop loss – 109.73