May 21 2018

Trade Idea for the day

EURUSD: – Pair trading around 5 month lows seen consolidating at current levels on hourly charts, currently trading below 14 day SMA. Technically RSI indicating to buy with MACD below zero line giving buy signals. Pair likely to head towards trend line can be bought targeting the same.

Our Preference: – Buy around 1.1750

Target – 1.1780-1.1790

Stop loss – 1.1727

GBPUSD: – Pair seen consolidating at current levels is trading below 2018 lows now, currently below 21 day SMA. Momentum indicators like MACD below zero line and RSI towards oversold zone is giving buy signals.

Preference: – Buy below 1.3430

Target – 1.3460-1.3470

Stop loss – 1.3410

USDJPY: – Trading well above 111 a level last seen in around mid-Jan. 2018, currently well above 14 day SMA. RSI is in oversold territory and MACD above zero line giving signals of correction in the pair.

Our Preference: – Sell around 111.35

Target – 111.00-111.05

Stop loss – 111.51