May 24 2018

Trade Idea for the day

EURUSD: – Formed falling wedge on hourly charts showing bullish bias in the pair, a break of the resistance line will push the pair higher. MACD crossover below the zero line and RSI showing buying momentum in the pair.

Our Preference: – Buy around 1.1700

Target – 1.1740-1.1750

Stop loss – 1.1684

GBPUSD: – Broken  past 1.34 levels yesterday and recovered from lows of 1.3320, the pair is trading above 14 day SMA now a break of resistance line will push the pair higher. Technical like RSI indicating to buy with MACD below zero line giving bearish bias.

Preference: – Buy around 1.3360

Target – 1.3400-1.3410

Stop loss – 1.3340

USDJPY: – Pair took tend line resistance on daily charts at around 111 levels and we have seen a sharp correction in the pair in recent session on daily charts. RSI is around oversold territory and MACD below zero line indicating upside momentum in the pair.

Our Preference: – Buy below 109.40

Target – 109.70-109.75

Stop loss – 109.25