Aug 06 2018

Trade idea for the day

EURUSD: The pair has formed its temporary bottom at around 1.1550 mark. GBPUSD likely to test its immediate resistance of 50 period Exponential moving average at 1.1585-90.

Our Preference: – Buy at current 1.1563

Target – 1.1585

Stop loss – 1.1552

USDJPY: USDJPY formed a bear flag in hourly chart, after a steep fall the pair started consolidating in a narrow upward sloping trend channel. Intraday traders can go long for around 111.45 mark – a 50 period EMA and trend channel resistance .

Our Preference: – Buy at current 111.25

Target – 111.45

Stop loss – 111.15

GBPUSD: The has already entered in a oversold zone – as RSI(14) has reached below 30 mark in hourly chart. The price action is likely to form a candlestick reversal too for attempting the immediate resistance at (1.2993).

Our Preference: – Buy at current 1.2963

Target – 1.2993

Stop loss – 1.2950