Read what is in store from today’s, 24 April UOB Daily Forex Trade ideas. Yesterday’s first round French Election result was a “kicker”, as two main contenders emerge. All parties uniting to against the French National Front for the final election date on 7 May. The Eurozone is still surrounded by uncertainty. Will May be positive for Theresa May’s as UK election campaigning “hots” up?
24 April , AtoZForex – These are UOB daily forex trade ideas for 24 April on the five major pairs; AUDUSD, EURUSD, GBPUSD, NZDUSD and USDJPY.
Summary of 24 April UOB Daily Forex Trade ideas
AUDUSD: Range bound 0.7475 -0.7615– Neutral bias
Last week’s outlook for AUD to break below the 0.7475 level is no longer valid. The reason are the positive close on Friday and rapid upside move to 0.7600 earlier today easing the downside pressure. UOB added,
“…AUD has likely moved into a consolidation phase, likely between 0.7475 and 0.7615.”
EURUSD: Upside risk greater, however range bound 1.0725 to 1.0935 – Neutral bias
EUR view last week was that although bias was on the upside, the strong 1.0775-80 level had to be clearly breached for a further move towards 1.0825 level. EUR “kicked” open higher, well above the 1.0775-80 level and moved to a high of 1.0925. Although bias is on the bullish side, can EUR keep up its upside move. UOB Analysts believe that EUR is likely to consolidate in the near term between 1.0725 to 1.0935 levels. UOB added…
“…Further out, as long as 1.0725 is not taken out, the odds for an upside break is greater.”
Also see: Daily Free Forex Signals
GBPUSD: Overbought, extension to 1.2950 level – Bullish bias
GBP earlier this morning touched a high of 1.2910 above last week’s peak of 1.2908 level. GBP is in the overbought zone, there is still room for GBP to move towards 1.2950 level in the next few days. It is too early to say that there is short term top in place, especially with the recent pullback from this high. UOB added …
“….but we have to see such a move within these few days as a prolonged consolidation at these overbought levels would lead to a rapid loss in momentum.”
NZDUSD: Range bound in 0.6940 – 0.7060– Neutral bias
NZD moved to a high of 0.7054 this morning, close to the top end of the range. Only a clear break above 0.7060 indicates a possible move to the upside towards 0.7130. UOB added…
“….At this stage the odds for such a move are not high and it is more likely that NZD is still trapped within a range.”
USDJPY: Range bound higher 109.30 to 110.60 – Neutral bias
Last Friday the view was that a short term low was in place at 108.11 level, however the strong upward move this morning came as a surprise. Several resistance levels were taken out as price reached a high of 110.61. Underlying sentiment has improved to the upside, however UOB analysts are not convinced that the USD has entered a bullish stage. UOB added,
“This pair has more likely entered into a higher 109.30/110.60 range and only a daily closing above 110.60 would indicate that a move towards 111.55/60 has started.”
This concludes the 24 April UOB Daily Forex Trade ideas.
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