Jul 16 2018

Trade Idea for the day

EURUSD: Pair is likely to take resistance around horizontal blue line and head lower, currently trading above 21 day SMA on hourly charts. Momentum indicators like MACD above zero line and RSI at 59 is giving sell signals.

Our Preference: – Sell above 1.1685

Target – 1.1645-1.1655

Stop loss – 1.1700

GBPUSD: – Pair recovered from Friday lows towards 1.31 levels and moved higher likely to take resistance around current levels, currently trading above 21 day SMA on hourly charts. Momentum indicators like RSI at 65 is heading towards overbought zone and MACD above zero line giving sell signals.

Preference: – Sell above 1.3240

Target – 1.3200-1.3210

Stop loss – 1.3255

USDJPY: – Pair taken resistance around 7 month highs still holding above 112 levels, currently trading around 14 day SMA on hourly charts. Technical indicators like RSI at 50 and MACD below zero line indicating to buy.

Our Preference: – Buy below 112.35

Target – 112.60-112.70

Stop loss – 112.20