Jul 30 2018

Trade idea for the day

EURUSD: EURUSD is likely to fall for intra-day, as on hourly chart the price action is struggling with 50-period Exponential moving average – which drags the 14 period RSI below the 50 mark..

Our Preference: – Sell at 1.1660

Target – 1.1637

Stop loss – 1.1669

GBPUSD: The pair closed the 30 Minutes candle well above the 50-Period Exponential Moving Average at present GBPUSD trying to reach in the oversold zone on the 30 minutes chart  as Slow Stochastic is at 72 now.

Our Preference: – Buy at 1.3116

Target – 1.3136

Stop loss – 1.3101

USDJPY: A downward sloping trend-line resistance on a hourly chart is restricting the pair USDJPY  to move higher. A candlestick reversal(Bearish Engulfing) is formed at the top of resistance.

Our Preference: – Sell at current 111.06

Target – 110.79

Stop loss – 111.19