May 15 2018

Trade Idea for the day

EURUSD: – Pair has taken resistance at 1.20 levels, trading below 14 day SMA on hourly charts. Momentum indicators like RSI indicating to buy and MACD below zero line giving buy signals.

Our Preference: – Buy around 1.1930

Target – 1.1960-1.1970

Stop loss – 1.1910

GBPUSD: – Trading in a narrow range for the day, currently trading below 21 day SMA. MACD below zero line and RSI is giving buy signals, near term resistance is at 1.36 levels.

Preference: – Buy around 1.3540

Target – 1.3570-1.3580

Stop loss – 1.3520

USDJPY: – Dollar yen seen taking resistance at around 110 levels, holding well above 21 day SMA now. RSI inching towards overbought territory and MACD likely crossover above zero indicating some correction in the pair during the day.

Our Preference: – Sell above 109.80

Target – 109.40-109.50

Stop loss – 110