19 April UOB Daily Forex Trade ideas – Sell GBP after UK election?

Wednesday 19 April UOB Daily Forex Trade ideas – French elections  , UK Elections another opportunity for people to vote remain in the EU? EUR and GBP bulls in control? USD weakness continues? 

19 April , AtoZForex –  These are UOB daily forex trade ideas for 19 April on the five major pairs; AUDUSD, EURUSD,  GBPUSD, NZDUSD and USDJPY.

Summary of  19 April UOB Daily Forex Trade ideas

AUDUSD: Range bound 0.7475 to 0.7600–  Neutral bias

AUD did not reach the rebound target of 0.7630 and made a short term top at the Monday high  of 0.7612. The pair is now expected to be trade in a range between 0.7475 and 0.7600 levels.  UOB added,

“…the immediate bias is for a probe lower towards the bottom of the expected consolidation range.

EURUSD:  Upside pressure to 1.0770 and 1.0825 – Neutral bias

EUR easily broke through the 1.0700 and after the strong daily close, indicates further upside pressure. The 1.0635 support level has to be in place over the coming few days, for a further bullish move.  UOB added…

“…there is a good chance that the current EUR strength could extend higher to 1.0770, with lower odds for extension to 1.0825.

Also see: Daily Free Forex Signals

GBPUSD: Overbought, possible move to 1.2950 level – Shift from Neutral to Bullish bias

The unexpected 2%+ rise by GBP yesterday came as a surprise, even though our outlook was for a possible move above the 1.2615 level.   Current price action appears untenable, there is possible room for GBP to move towards 1.2950 level. Overnight GBP reached a high of 1.2905. UOB added …

“….Only a move back below 1.2660 would indicate that a temporary top is in place.  

NZDUSD: Extension to 0.7090 lower odds – Neutral bias

The 0.7050 target level was reached, with no signs upside weakness at the moment.  Extension towards the next key resistance level of 0.7090 are not high.  UOB added…

“….On the downside, only a move below 0.6980 would indicate that a short-term top is in place.  

USDJPY: Take partial profits at 108.10-15 level– Bearish bias

The bearish movement that started last Wednesday on 12 April at 109.65 remains intact. Downside momentum is decreasing.  UOB added,

those who are short should look to book some profit on any dip to 108.10/15 (ahead of the major 108.00 support).

This concludes the 19 April UOB Daily Forex Trade ideas.

Think we missed something? Let us know in the comments section below

Share Your Opinion, Write a Comment