Sep 03 2018

Trade idea for the day

EURUSD: Breakout of downward sloping trend channel is visible on hourly chart. In present scenario the pair is likely to re-test the breakout zone, which is at around 1.1620-25 mark.

Our Preference: – Sell at 1.1620-25

Target –1.1590

Stop loss – 1.1638

GBPUSD: There is a clear price down gap is visible on the charts, in the pair like GBPUSD the gaps are usually gets filled on the same day. Momentum indicator RSI 14 period is also hovering close to its oversold zone.

Our Preference: – Buy at 1.2910-15

Target – 1.2945

Stop loss – 1.2900

USDJPY: The is trading below its 50 period Exponential Moving Average, which also seem to be an immediate resistance for USDJPY. RSI (14) is below 50 mark – indicating strength of bears.

Our Preference: – Sell at 111.05

Target – 110.85

Stop loss – 111.15