Aug 03 2018

Trade idea for the day

EURUSD: The pair started turning back after getting extreme oversold in a hourly chart. RSI(14 period) turned back after going below 30 mark and the indicator is showing a positive divergence as well.

Our Preference: – Buy at 1.1570

Target – 1.1594

Stop loss – 1.1560

GBPUSD: After a steep fall which drags the pair below 1.30 mark, is now signalling some sign of recovery. A bullish divergence on a hourly chart is seen in oversold zone. Immediate resistance of 50 (period) EMA is at 1.3030.

Our Preference: – Buy at 1.2995

Target – 1.3030

Stop loss – 1.2978

USDJPY: A trend-line support is seen near 111.67 and along with that RSI(14) is above 50 mark – indicating that bulls are still alive.

Our Preference: – Buy at 111.67

Target – 111.90

Stop loss – 111.50