Jul 13 2018

Trade Idea for the day

EURUSD: Pair is down after facing resistance towards 1.17 levels is likely to take support around 1.1650, currently trading below 21 day SMA on hourly charts. Momentum indicators like MACD below zero line and RSI at 41 is giving buy signals.

Our Preference: – Buy below 1.1660

Target – 1.1680-1.1690

Stop loss – 1.1649

GBPUSD: – Pair fell below 1.32 levels is seen taking support around 1.3150 and head higher towards downward sloping resistance line on top, currently trading below 21 day SMA on hourly charts. Momentum indicators like RSI at 31 is heading towards oversold zone and MACD below zero line giving buy signals.

Preference: – Buy below 1.3170

Target – 1.3200-1.3210

Stop loss – 1.3155

USDJPY: – Pair is seen taking resistance around 7 month highs after gaining strongly on hourly charts, currently trading above 21 day SMA on hourly charts. Technical indicators like RSI at 62 indicating to sell and MACD above zero line giving sell signals.

Our Preference: – Sell above 112.60

Target – 112.20-112.30

Stop loss – 112.75