May 07 2018

Trade Idea for the day

EURUSD: – On Daily charts pair is seen consolidating since last 4 session at current levels. Momentum indicators like RSI indicating to buy with MACD below zero line giving buy signals.

Our Preference: – Buy below 1.1960

Target – 1.1980-1.1990

Stop loss – 1.1940

GBPUSD: – Currently trading below 5 day SMA, seen recovering on daily charts. RSI indicating to buy with MACD below zero line giving buying signals.

Preference: – Buy around 1.3530

Target – 1.3560-1.3565

Stop loss – 1.3517

USDJPY: – Pair has formed doji pattern on daily charts, on hourly charts currently trading above 21 day SMA. RSI indicating to sell and MACD above zero line giving sell signals.

Our Preference: – Sell around 109.30

Target – 109.00-109.05

Stop loss – 109.42