May 23 2018

Trade Idea for the day

EURUSD: – Pair has not convincingly broken above trend line resistance can take support around the horizontal blue line. Technical indicators like MACD below zero line and RSI is indicating to buy.

Our Preference: – Buy around 1.1755

Target – 1.1780-1.1785

Stop loss – 1.1740

GBPUSD: – Not seen sustaining below 1.34 levels, the pair is likely to test the trend line resistance. Momentum indicators like MACD below zero line and RSI giving buy signals.

Preference: – Buy around 1.3410

Target – 1.3440-1.3450

Stop loss – 1.3390

USDJPY: – Corrected from above 111 levels can buy targeting a move towards the trend line resistance. RSI moving towards oversold territory and MACD Likely to give a crossover below zero line giving strong buying signals.

Our Preference: – Buy around 110.40

Target – 110.70-110.75

Stop loss – 110.25