24 January UOB Daily Forex Trade ideas: UK Court Judgement

Read today’s insights on 24 January UOB Daily Forex Trade ideas, ahead of the UK Supreme Court’s ruling on whether Brexit process can be triggered without parliamentary approval? The UK Government is expected to lose the case.  GBP bullish?

24 January AtoZForex – The main focus will be on the Presidents inauguration, as protesallies take hold. These are UOB forex trade ideas for 20 of January on the five major pairs; AUDUSD, EURUSD, GBPUSD, NZDUSD and USDJPY.

Summary of 24 January UOB Daily Forex Trade ideas

AUDUSD: Focus remains on 0.7630 – Bullish bias 

AUD  bullish phase that commenced two weeks remains in place, despite AUD’s failure to move above 0.7600 resistance level. If there is a move below 0.7520, this would indicate an interim top is in place.  UOB added,

“…A clear break above 0.7630 could lead to acceleration higher towards 0.7700.

EURUSD: Slow move towards  1.0765 and then 1.0820 – Neutral bias 

EUR underlying bias has improved, and we could see a move to the 1.0765 and then possibly to the 1.0820 levels. The 1.0820 level is expected to be high level of resistance, even though there is possibility of a move higher from current price level. As long as the major support at 1.0670 is not taken out, upside underlying bias remains in place.  UOB added…

“… Looking further ahead, a break above 1.0820 would shift the focus towards last month’s high near 1.0870.”

Also see: Daily Free Forex Signals

GBPUSD: Near term target at 1.2650 –  Shift from Neutral to Bullish  bias 

After UK PM’s speech last week, UOB has been bullish on GBP and surprised how easily the descending trend line was breached yesterday. Upward momentum has improved , indicating a start of a GBP bullish phase. Near term target is at 1.2650.  UOB added,

“.. shorter-term indicators are looking overbought and those looking to turn long may likely to wait for a dip closer to 1.2460/70. Support is at 1.2430 but only a move below 1.2355 would indicate that our bullish expectation is wrong.

NZDUSD: Possible price extension to 0.7300 – Bullish bias 

With NZD breaking through the 0.7250 resistance level with further upside move to 0.7300 possible.  UOB added…

“… Overall, the outlook for NZD is deemed as bullish until 0.7150 is taken out.”  

USDJPY: Bearish on daily close below 112.50– Neutral bias

UOB mentioned yesterday that if USD broke below 113.50, we could see a move towards 112.55-60 level. The pace of the downward slide was however, unexpected and downside risk remains in place.  However, a clear break below 112.50 would shift our bias to the bearish side. UOB added,

“…. This appears to be a likely scenario unless USD can move and stay above 113.55 within these 1 to 2 days.

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