Jul 04 2018

Trade Idea For The Day

EURUSD: Pair is still converging in a symmetrical triangle pattern and is likely to take resistance around current levels, currently trading above 21 day SMA on hourly charts. Momentum indicators like MACD above zero line and RSI at 55 is indicating to sell.

Our Preference: – Sell above 1.1670

Target – 1.1630-1.1640

Stop loss – 1.1685

GBPUSD: – Pair seen trading in ascending triangle formation likely to take resistance around the current levels, currently trading above 21 day SMA on hourly charts. Momentum indicators with RSI at 58 and MACD above zero line giving sell signals.

Preference: – Sell above 1.3200

Target – 1.3160-1.3170

Stop loss – 1.3215

USDJPY: – Pair has taken resistance around 111 levels and yen gained on back of dollar weakness, currently trading below 21 day SMA on hourly charts. Technical indicators like RSI at 38 is heading towards oversold zone and MACD below zero line giving buy signals.

Our Preference: – Buy below 110.35

Target – 110.60-110.70

Stop loss – 110.25