AtoZForex – These are UOB forex trade ideas for 23 February on the five major pairs; AUDUSD, EURUSD, GBPUSD, NZDUSD and USDJPY.
Summary of 23 February UOB Daily Forex Trade ideas
AUDUSD: IF NY Close above 0.7710 bias shift to neutral – Bullish bias
Unless we see a clear move above 0.7710, we could see a possible further to the upside to the 0.7775-80 level. Although price breached the 0.7710 level to touch 0.7714, there was a lack of sustained momentum on the upside. UOB added,
“…From here, we would shift to a neutral stance unless there is a daily closing above 0.7710 by end of today’s NY close.”
EURUSD: Downside pressure, room to extend 1.0450-55 – Neutral bias
Yesterday the 1.0492 level was tested a number of times before rebounding upwards. This price action not surprising due to the jagged downside move. This indicates a the downward pressure has eased off for the moment. If 1.0620 level is still in place we could expect a downward move to 1.0450-55. UOB added…
“…this is likely only after the completion of the current short-term ‘consolidation/correction’ phase (which could last for a couple of days).”
Also see: Daily Free Forex Signals
GBPUSD: Back in range possible within 1.2400-1.2580 – Neutral bias
GBP peaked at 1.2509 before the quick sell off yesterday. The is possibility that the current pull back has scope to to move below the expected sideways trading range of 1.2400-1.2580 levels, even though there is a lack of momentum. A continued move to downside seems unlikely with a strong support level at 1.2350 in place. UOB added….
“…the outlook is unclear and the recent whippy trading could persist for a while more.”
NZDUSD: Range bound 0.7100-0.7260 – Neutral bias
Very little to add, with indicators showing a neutral position. The current NZD price action is deemed to be part of the a consolidation phase. UOB added…
“….likely between 0.7100 and 0.7260 (with a slight bias towards the downside).”
USDJPY: Range bound 112.30-114.50 – Neutral bias (outlook unchanged)
No change, the trading range mentioned last Friday seems still to be intact. The current price action is still viewed as part the sideways range of 112.30-114.50 levels. UOB added,
“…..Indicators are mostly flat and at this stage, there is no pre-indication on the direction of the next sustained move..”
This concludes the 23 February UOB Daily Forex Trade ideas.
Think we missed something? Let us know in the comments section below.