May 16 2018

Trade Idea for the day

EURUSD: – EURUSD trading at 2018 lows fell sharply on disappointing data released yesterday currently trading below 14 day SMA on hourly charts. Technical indicators like RSI towards oversold territory and MACD crossover below zero line giving signs of recovery in the pair.

Our Preference: – Buy below 1.1830

Target – 1.1860-1.1870

Stop loss – 1.1810

GBPUSD: – Cable trading at around 4 month lows, currently trading around 21 day SMA. Momentum indicators like MACD crossover below zero line and RSI is giving buy signals.

Preference: – Buy around 1.3500

Target – 1.3540-1.3550

Stop loss – 1.3480

USDJPY: – Pair touched a high of 110.45 last touched in feb.18, currently holding below 14 day SMA now. MACD crossover above zero line and RSI towards overbought territory giving bearish signals in the pair.

Our Preference: – Sell above 110.30

Target – 109.90-110.00

Stop loss – 110.45