Learn from 26 April UOB Daily Forex Trade ideas. It is commodity Wednesday, with French Election and UK election as the primary focus for traders in the Eurozone, traders are buying the EUR on the dips? EUR bullish?
26 April , AtoZForex – These are UOB daily forex trade ideas for 26 April on the five major pairs; AUDUSD, EURUSD, GBPUSD, NZDUSD and USDJPY.
Summary of 26 April UOB Daily Forex Trade ideas
AUDUSD: Range bound 0.7475 -0.7615– Neutral bias
AUD as mentioned yesterday has moved into consolidation phase. Outlook remains unchanged from yesterday, from indicators perspective, the price action is flat. UOB added,
“…we expect this pair to trade sideways in the coming days, likely holding within a 0.7475/0.7615 range.”
EURUSD: Upside risk greater, however range bound 1.0725 to 1.0935 – Neutral bias (unchanged)
UOB analysts continue to hold the view that EUR is consolidating its gains and expected to be trading in a range between 1.0725 and 1.0935 levels. Bias is towards the bullish side. UOB added…
“…Near-term bias is tilted to the upside but EUR has to move clearly above 1.0935 to indicate that a move towards 1.1000 has started.”
Also see: Daily Free Forex Signals
GBPUSD: Overbought, extension to 1.2950 possible – Bullish bias (unchanged view)
GBP outlook from yesterday remains unchanged. GBP shot up to a high of 1.2910 before rapidly retreating early yesterday. Upside movement is showing signs of slowing down. If GBP does not reclaim 1.2860 then a possible short term top could be in place. UOB added …
“….while we continue to expect the “UK election” rally to extend to 1.2950, this has to happen quickly as further consolidation at these higher levels would lead to a rapid loss in momentum.”
NZDUSD: Range bound 0.6940 to 0.7060– Neutral bias (unchanged view)
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 has begun. 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 (unchanged view)
USD moved strongly upwards, UOB analysts believe that USD has not moved into a bullish stage. Expect this pair to be range bound between 109.30 to 110.60. If the daily closes strongly and above 110.60, this would mean a possible move towards the 111.55-60 level has commenced. UOB added,
“At this stage, the odds for a shift to a bullish phase appear to be roughly ‘even’.”
This concludes the 26 April UOB Daily Forex Trade ideas.
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