Thursday 13 April UOB Daily Forex Trade ideas – Focus on USD today ahead of BoC Governor Poloz second speech speak later today. With geopolitical issues still in the forefront and last day of trading as markets close for the Easter break, are USD bears in control?
13 April , AtoZForex – These are UOB daily forex trade ideas for 13 April on the five major pairs; AUDUSD, EURUSD, GBPUSD, NZDUSD and USDJPY.
Summary of 13 April UOB Daily Forex Trade ideas
AUDUSD: Rebound to 0.7630 level – Neutral bias
AUD strong resistance level at 0.7550 was easily breached and indicates that a short term is in place around the 0.7470-75 area. The rebound has possibility to move upwards towards the 0.7630 level. UOB added,
“…but at this stage, it is too early to expect a sustained rally. Any pull-back in the next few days should hold above 0.7470/75.”
EURUSD: Possible rebound to 1.0750 level – Neutral bias
As mentioned yesterday that odds for a downside move down has decreased and the overnight EUR strength came as a surprise. The 1.0568 low is a short term base, with the possibility of an upside move towards 1.0750 level. UOB added…
“…At this stage, a sustained move above this level is not expected. Support is at 1.0620 followed by 1.0565/70.”
Also see: Daily Free Forex Signals
GBPUSD: Possible break above 1.2615 level – Neutral bias
GBP strongly bounced from a low of 1.2365 last Friday and closed higher yesterday, with increased momentum. Provided the present momentum is sustained, expect an upside move above the 1.2615 level. If this level broke the next target would be 1.2706 level. The next target . UOB added …
“….Only a move below 1.2450 would indicate that the immediate upward pressure has eased.”
NZDUSD: rebound extension to 0.7630 level – Neutral bias
NZD price action is similar to AUDUSD as NZD rebounded yesterday and a short term low is in place at 0.6910 level. UOB added…
“….As long as 0.6900/10 stays intact, the current rebound has scope to extend higher to 0.7050.”
USDJPY: Below 108.60 shift focus to 108.00 level – Bearish bias
USD rapidly slid to the downside as the bias shifted to the bearish side yesterday. UOB added,
“ The 108.60 target appears to be within reach and break of this level would open up the way for a move to 108.00.”
This concludes the 13 April UOB Daily Forex Trade ideas.
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