Jul 10 2018

Trade Idea for the day

EURUSD: Pair is trading around 1.1750 levels is likely to take support the horizontal blue line, currently trading below 21 day SMA on hourly charts. Momentum indicators are neutral with MACD just above zero line and RSI at 47.

Our Preference: – Buy below 1.1745

Target – 1.1765-1.1775

Stop loss – 1.1730

GBPUSD: – Pair is down after touching 3 week high after U.K. foreign secretary’s resignation, currently trading below 21 day SMA on hourly charts. Momentum indicators like RSI at 40 and MACD below zero line giving buy signals.

Preference: – Buy below 1.3235

Target – 1.3260-1.3170

Stop loss – 1.3217

USDJPY: – Pair is trading at the highest level since 22nd May 2018, currently above 14 day SMA on hourly charts. Technical indicators like RSI at 85 is in overbought zone and MACD above zero line giving sell signals.

Our Preference: – Sell above 111.15

Target – 110.80-110.90

Stop loss – 111.27