Jul 12 2018

Trade Idea for the day

EURUSD: Pair is seen consolidating after overnight correction on back of dollar strength is likely to head higher, currently trading below 14 day SMA on hourly charts. Momentum indicators like MACD likely crossover below zero line and RSI at 38 is giving buy signals.

Our Preference: -Buy below 1.1675

Target – 1.1700-1.1710

Stop loss – 1.1665

GBPUSD: – Pair consolidated around 1.32 levels after a sharp fall on hourly charts likely to take support around blue horizontal line, currently trading below 21 day SMA on hourly charts. Momentum indicators like RSI at 40 and MACD about to give a crossover below zero line giving buy signals.

Preference: – Buy below 1.3200

Target – 1.3230-1.3240

Stop loss – 1.3188

USDJPY: – Pair is trading at 7 month highs after a sharp surge on hourly charts after dollar strength, currently trading above 21 day SMA on hourly charts. Technical indicators like RSI at 76 is in overbought zone and MACD above zero line giving sell signals.

Our Preference: – Sell above 111.25

Target – 110.80-110.90

Stop loss – 111.40