Aug 21 2018

Trade idea for the day

EURUSD: The pair started correcting/retracing after a vertical rise from 1.1394 to 1.1542. Immediate support is seen at around 1.1485 to 1.1495 mark. A golden crossover between 50 period EMA and 200 period SMA is witnessing the further upside in EURUSD

Our Preference: – Buy at 1.1485 – 1.1495

Target – 1.1545 and 1.1600

Stop loss – 1.1450

GBPUSD: A golden crossover between 50 period Exponential and 200 period Simple moving average is seen on 1 hour chart of GBPUSD, indicating the pair to move higher.\

Our Preference: – Buy at 1.2790 – 1.2800

Target – 1.2850

Stop loss – 1.2770

USDJPY: The pair is trading well below 50 period Exponential moving average on a hourly chart, indicating the Dollar weakness against the Japanese Yen. Immediate resistance for the pair is at around 110.21 to 110.31.

Our Preference: – Sell at 110.20-25

Target – 110.00 and 109.78

Stop loss – 110.40