Aug 02 2018

Trade idea for the day

GBPUSD: GBPUSD after a steep intra-day fall gets extremely oversold as RSI(14) is at 22 mark on 30 minutes chart. A bullish candle Hammer is formed on the chart – indicating prices to reverse.

Our Preference: – Buy at 1.3080

Target – 1.3100

Stop loss – 1.3070

EURUSD: Double bottom formed on 30 minutes chart with a single candlestick reversal(Hammer). Momentum indicator RSI (14 period) is in extreme oversold territory.

Our Preference: – Buy at 1.1630

Target – 1.1649

Stop loss – 1.1620

USDJPY: Earlier support for the pair now converted in to immediate resistance at around 111.75 and USDJPY is inching towards that only. RSI(14 period) is neutral as of now.

Our Preference: – Sell at 111.74

Target – 111.52

Stop loss – 111.85