Jul 20 2018

Trade Idea for the day

EURUSD: Pair took support below 1.16 levels yesterday and resumed upside likely to take resistance around current levels, currently trading above 14 day SMA on hourly charts. Momentum indicators like MACD above zero line and RSI at 57 giving sell signals.

Our Preference: – Sell above 1.1660

Target – 1.1630-1.1640

Stop loss – 1.1675

GBPUSD: – Pair recovered from the losses yesterday after taking support at the horizontal blue line around 1.2950 levels seen consolidating around current levels, currently trading above 21 day SMA on hourly charts. Momentum indicators like RSI at 51 is neutral and MACD below zero line giving buy signals.

Preference: – Buy below 1.3030

Target – 1.3050-1.3060

Stop loss – 1.3015

USDJPY: – Pair took resistance yesterday above 113 levels that is around the horizontal blue line seen heading higher from current levels, currently below 21 day SMA on hourly charts. Technical indicators like RSI at 42 and MACD below zero line giving buy signals.

Our Preference: – Buy below 112.35

Target – 112.60-112.70

Stop loss – 112.20