May 02 2018

Trade Idea for the day

EURUSD: – On daily charts pair has seen sharp fall in recent sessions, on hourly charts currently holding above 21 day SMA. RSI is around oversold territory indicating a buy and MACD crossover below zero line giving buy signal.

Our Preference: – Buy around 1.2000

Target – 1.2030-1.2040

Stop loss – 1.1985

GBPUSD: – Pair is trading around its weakest level since mid. of Jan currently holding below 21 day SMA. RSI around oversold territory with MACD crossover below zero line showing bullish momentum in the pair.

 Preference: – Buy around 1.3590

Target – 1.3630-1.3640

Stop loss – 1.3575

USDJPY: – Pair is seen taking resistance on daily charts at around 109.90 levels currently holding above 21 day SMA. RSI indicating a sell with MACD above zero line giving bearish signals in the pair.

Our Preference: – Sell above  109.80

Target – 109.45-109.50

Stop loss – 109.95