Wednesday 15 February UOB Daily Forex Trade ideas, will Fed Chair Janet Yellen yield to pressure and introduce a premature rate hike in March 2017 and risk another recession? Will FED stick to their plan of action for 2017? USD bullish?
AtoZForex – These are UOB forex trade ideas for 15 of February on the five major pairs; AUDUSD, EURUSD, GBPUSD, NZDUSD and USDJPY .
Summary of 15 February UOB Daily Forex Trade ideas
AUDUSD: Bulls running out of time? – Bullish bias
After the AUD outlook shifted to bullish bias a fortnight ago, AUD has been stuck in a trading range of 0.7605-0.7696 zone inspite of the bullish indications. With upward momentum diminishing and formation of bullish flag, time is running out for the AUD bulls. There is a risk of a short term top if we do not see a clear break above 0.7695-00 level. However, confirmation is only below the current stop loss of 0.7615. UOB added,
“…After the prolonged consolidation, a clear break above 0.7695/00 could unleash a rapid acceleration higher towards 0.7775/80 (high in November last year).”
EURUSD: Downside move to 1.0530, as no signs of stabilization – Neutral bias
EUR slowly at turtles pace makes its way to the downside as it touched a fresh low of 1.0559. There is continued EUR weakness with possible further downward movement towards 1.0530 a major support level. The next support level is at 1.0640 lower than the previous 1.0660 level. UOB added…
“… The short-term key resistance is pegged at 1.0640, slightly lower than 1.0660 previously.”
Also see: Daily Free Forex Signals
GBPUSD: Range bound 1.2350-1.2600 – Neutral bias (unchanged)
Very little to add as GBP continues to trade sideways in a choppy manner, meaning our neutral outlook remains in place. UOB added….
“…Indicators are mostly ‘flat’ which suggest further range trading for now, likely between 1.2350 and 1.2600.”
NZDUSD: Stabilization if above 0.7220 – Neutral bias (unchanged)
As mentioned yesterday only a move above 0.7220 would indicate stabilization for the pair. As the long at the 0.7220 resistance level remains in place price is expected move to the downside towards the 0.7115-20 strong support level. NZD touched a low of 0.7135 yesterday. UOB added…
“…. Further down, the next support is markedly lower at 0.7060.”
USDJPY: Underlying sentiment positive as long as above 113.20 – Neutral bias (unchanged)
As per expectation yesterday, USD rebounded and moved towards 114.50. The underlying sentiment remains positive as long as price remains above the 113.20 support level, with possibility of an upward move towards 115.35-40 level. UOB added,
“…..At this stage, a sustained break above this level appears unlikely. Minor support is at 113.90.”
This concludes the 15 February UOB Daily Forex Trade ideas, remains unchanged from yesterday.
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