May 25 2018

Trade Idea for the day

EURUSD: – Euro cross seen not sustaining below 1.17 levels, having recovered from below 1.17 pair is likely to move higher. MACD below the zero line and RSI indicating buying momentum.

Our Preference: – Buy around 1.1700

Target – 1.1740-1.1745

Stop loss – 1.1687

GBPUSD: – Pair is seen converging within the upside trend line resistance and the support trend line, consolidating around 1.3660-1.3670 levels on hourly charts. Break of resistance line will take the pair higher towards 1.34, RSI indicating to buy with MACD around zero line giving buying signal.

Preference: – Buy around 1.3360

Target – 1.3390-1.3400

Stop loss – 1.3340

USDJPY: -Recovered from lows of around 109, pair trading below 5 day SMA now. MACD below zero line and RSI indicating upside momentum in the pair.

Our Preference: – Buy around 109.40

Target – 109.70-109.75

Stop loss – 109.25