Jun 08 2018

Trade Idea for the day

EURUSD: – Pair took resistance above 1.18 levels and moved lower during the day on dollar strength, currently trading below 21 day SMA on hourly charts. Momentum indicators like RSI at 41 is indicating to buy with MACD around zero line giving buy signals.

Our Preference: – Buy Below 1.1760

Target – 1.1790-1.1795

Stop loss – 1.1750

GBPUSD: – Pair seen consolidating on hourly charts is likely to take resistance at around horizontal blue line. Momentum indicators are neutral with MACD around zero line and RSI around 50.

Preference: – Sell above 1.3470

Target – 1.3435-1.3445

Stop loss – 1.3485

USDJPY: – Pair fell sharply on hourly charts from opening levels, trading below 14 day SMA. Momentum indicators like MACD below zero line and RSI around 30 is oversold giving buying signals.

Our Preference: – Buy below 109.30

Target – 109.50-109.60

Stop loss – 109.15