Thursday 20 April UOB Daily Forex Trade ideas - With the whole Eurozone in turmoil, surround by uncertainty. Will the Theresa May's "googly" take the opposition wicket? Will BoE Mark Carney take a hawkish stance today? GBP bullish?
20 April , AtoZForex – These are UOB daily forex trade ideas for 20 April on the five major pairs; AUDUSD, EURUSD, GBPUSD, NZDUSD and USDJPY.
Summary of 20 April UOB Daily Forex Trade ideas
AUDUSD: Increasing risk towards 0.7400– Neutral bias
AUD made a short term top at the Monday high of 0.7612 as indicated yesterday. The swift downward move was a unexpected. Downside movement has improved with the possibility of last week's low close to 0.7475 level being breached. A strong daily close below 0.7475 would indicate we are entering into bearish territory. Unless AUD moves and remains above 0.7570 level in the new couple of days, downside pressure remains intact. UOB added,
“...On a shorter-term note, 0.7530 is already a rather strong level.”
EURUSD: Upside pressure to 1.0770 and 1.0825 – Neutral bias
Not much to add from yesterday. EUR expected to move towards 1.0770, with lower chance of further move to the upside towards 1.0825 level. UOB added...
“...Only a move back below 1.0635 would indicate that the immediate upward pressure has eased.
Also see: Daily Free Forex Signals
GBPUSD: Overbought, price move to 1.2950 level – Bullish bias
GBP bias shifted to a bullish stance yesterday and this outlook currently remains in place. With GBP in overbought zone, there is still possible room for GBP to move towards 1.2950 level. 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
Despite the strong better than expected inflation data, the outlook for NZD to extend higher towards 0.7090 remains low. If NZD moves below 0.6980 level, then this indicates of a spossible short term top is in place. UOB added...
“....In the meanwhile, this pair could grind higher towards 0.7070 within the next couple of days.”
USDJPY: Take partial profits at 108.10-15 level– Bearish bias
The bearish movement that started last Wednesday on 12 April at 109.65 appears to be coming to a close, with downside momentum decreasing. UOB added,
“Those who are shorts should look to book profit if there is any dip towards 108.10/15.”
This concludes the 20 April UOB Daily Forex Trade ideas.
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