Wednesday 12 April UOB Daily Forex Trade ideas – Focus on both Cable and Loonie today, today BoE Governor Mark Carney and BoC Governor Poloz speak today. With geopolitical issues still in the forefront, will traders take bearish or bullish positions on GBP and CAD?
12 April , AtoZForex – These are UOB daily forex trade ideas for 12 April on the five major pairs; AUDUSD, EURUSD, GBPUSD, NZDUSD and USDJPY.
Summary of 12 April UOB Daily Forex Trade ideas
AUDUSD: Possible move to 0.7450 level – Neutral bias
Downside momentum has decreased and too early to for a short term low to be in place. The 0.7550 level needs to be taken out, there i. AUD weakness price action indicates to price moving towards the strong support of 0.7450 level, as downside pressure remains in place. A move below this level is not expected at this stage. UOB added,
“…Only a move back above 0.7550 would indicate that the immediate downward pressure has eased.”
EURUSD: Downside pressure towards 1.0525 level – Neutral bias
EUR moved to 1.0568 below the low (last Friday) of 1.0578. Downside pressure remains and expect EUR to move to 1.0525 level. The move to the 1.0525 level is expected to take a few days. UOB added…
“…On the upside, resistance is at 1.0630 but only a move back above 1.0665 would indicate that the immediate downward pressure has eased.”
Also see: Daily Free Forex Signals
GBPUSD: Downside pressure towards 1.2285 level – Neutral bias (unchanged)
GBP strongly bounced from a low of 1.2367 yesterday was surprising. After price slid last Friday, GBP downside pressure is losing ground. UOB added …
“….As long as 1.2460 is intact, another push lower towards 1.2285 still seems likely even though the odds for such a move have diminished.”
NZDUSD: Near term downside pressure to 0.6900 – Neutral bias
NZD rebounded from a low of 0.6921 yesterday and very early to indicate a short term low is in place. Provided the 0.6695 level remains in place we can expect price to extend lower towards the 0.6900 level. UOB added…
“….The next support at 0.6863 (low in December last year) is likely out of reach for now.”
USDJPY: Possible recovery to 112.20– Neutral bias
USD touched a high of 111.57 yesterday and then slid back rapidly. The underlying sentiment is still positive despite this pullback and provided 110.00 remains in place. UOB added,
“ there is still scope for a move higher towards 112.20. At this stage, a clear break above this level is not expected..”
This concludes the 12 April UOB Daily Forex Trade ideas.
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