May 22 2018

Trade Idea for the day

EURUSD: – Likely to take trend line resistance after recovering from 5 month lows. Momentum indicators like RSI is indicating to sell and MACD likely crossover above zero line supporting the view.

Our Preference: – Sell around 1.1780

Target – 1.1750-1.1755

Stop loss – 1.1795

GBPUSD: – Pair likely to take support at around 1.34 levels, a break of trend line resistance will take the pair higher. Technically pair can be bought with MACD below zero line and RSI indicating to buy.

Preference: – Buy around 1.3410

Target – 1.3440-1.3450

Stop loss – 1.3390

USDJPY: – Taken resistance at 111.40 levels seen consolidating at around current levels on hourly charts. Technical indicators like RSI indicating to buy and MACD below zero line giving bullish momentum.

Our Preference: – Buy below 110.90

Target – 111.20-111.30

Stop loss – 110.79