Jul 18 2018

Trade Idea for the day

EURUSD: Pair took resistance around 1.1750 levels yesterday and fell sharply on hourly charts before consolidating around current levels, currently trading below 21 day SMA on hourly charts. Momentum indicators like MACD below zero line and RSI at 32 is heading towards oversold zone giving buy signals.

Our Preference: – Buy below 1.1650

Target – 1.1680-1.1690

Stop loss – 1.1637

GBPUSD: – Took resistance above 1.3250 levels yesterday and fell to 2 weeks lows likely to hold around 1.31 levels, currently trading below 14 day SMA on hourly charts. Momentum indicators like RSI at 25 is in oversold zone with MACD crossover below zero line giving buy signals.

Preference: – Buy below 1.31

Target – 1.3140-1.3150

Stop loss – 1.3087

USDJPY: – Pair is trading above the recent high of 112.79 is trading close to 113 levels, currently above 21 hour SMA. Technical indicators like RSI at 73 is in overbought zone and MACD above zero line giving sell signals.

Our Preference: – Sell Above 113.00

Target – 112.65-112.75

Stop loss – 113.15