Aug 01 2018

Trade idea for the day

EURUSD: The pair turned higher after reaching the oversold zone on a hourly chart, as of now the main hurdle is at 1.1692 mark (200 period SMA resistance). If the current candle is able to close above that 1.1692 level then we see further bullish signs.

Our Preference: – Buy above 1.1692

Target – 1.1718

Stop loss – 1.1680

GBPUSD: The currency pair finds a trend line support at 1.3100 level, on that support zone GBP has formed a double candle stick reversal(Bullish Engulfing). MACD line is about to cross the signal line for positive signal.

Our Preference: – Buy at current 1.3122

Target – 1.3151 and 1.3164

Stop loss – 1.3103

USDJPY: USDJPY is trying to test the horizontal resistance placed on the hourly chart. RSI (14 period) is in overbought territory – indicating the price to reverse.

Our Preference: – Sell at current 112.21

Target – 111.96 and 111.73

Stop loss – 112.33