Jul 17 2018

Trade Idea for the day

EURUSD: Pair recovered from recent lows below 1.1650 levels and moved higher likely to take resistance around current levels before heading higher, currently trading above 21 day SMA on hourly charts. Momentum indicators like MACD above zero line and RSI at 63 is heading towards overbought zone giving sell signals.

Our Preference: – Sell above 1.1720

Target – 1.1680-1.1690

Stop loss – 1.1735

GBPUSD: – Pair moved higher yesterday and took resistance above 1.3250 levels moved higher after recent consolidation, currently trading above 14 day SMA on hourly charts. Momentum indicators like RSI at 57 indicating to sell with MACD above zero line giving sell signals.

Preference: – Sell above 1.3250

Target – 1.3210-1.3220

Stop loss – 1.3263

USDJPY: – Pair likely to take resistance around horizontal blue line on top and head lower towards 112 levels. Technical indicators are neutral with RSI at 54 and MACD around zero line.

Our Preference: – Sell Above 112.45

Target – 112.15-112.20

Stop loss – 112.57