Jul 26 2018

Trade Idea for the Day

EURUSD: Double top formed on a hourly chart with MACD and Signal line bearish crossover, studies indicating intraday fall.

Our Preference: – Sell at Current Market 1.1727

Target – 1.1705 and 1.1675

Stop loss – 1.1744

USDJPY: The pair is hovering in a downward sloping trend channel in a hourly chart and at present bounced back after testing the support zone. 14-Period RSI also turned back after reaching the oversold zone.

Our Preference: – Buy at current market 110.73

Target – 110.98 and 111.15

Stop loss – 110.56

GBPUSD: Clearly visible bearish divergence on 14 period Relative Strength index(RSI) are pressuring GBP to fall against the US. dollar

Our Preference: – Sell below 1.3170

Target – 1.3138

Stop loss – 1.3186