Monday 3 April UOB Daily Forex Trade ideas – with the negotiation terms between European Union and UK not yet agreed, has raised a number of concerns on both sides. This week the main focus will be on the FED, speeches from FOMC members and NFP. President Trump focuses on North Korea? Are markets bullish on USD?
3 April , AtoZForex – These are UOB daily forex trade ideas for 3 April on the five major pairs; AUDUSD, EURUSD, GBPUSD, NZDUSD and USDJPY.
Summary of 3 April UOB Daily Forex Trade ideas
AUDUSD: Possible retest of 0.7585-90 level – Neutral bias
AUD’s Friday close was weak with positive underlying sentiment easing off. Short term bias has shifted to the downside with the possibility retest of the 0.7585-90 level. If this major support is taken out, price could move to the downside towards the 0.7490 level (March low). UOB added,
“… the current downward pressure is expected to increase unless AUD can move and stay above 0.7660 in the next few days.”
EURUSD: Downside pressure towards 1.0595 – Neutral bias
EUR rate and level of pullback was surprising last week after touching a high of 1.0904. The immediate bias is on the downside, with price moving towards 1.0595 support level. This is deemed unlikely considering the short term oversold conditions. UOB added…
“..EUR has to reclaim 1.0760 to indicate that the immediate downward pressure has eased.”
Also see: Daily Free Forex Signals
GBPUSD: Bullish on daily close above 1.2615– Neutral bias
The swift rise of GBP from the low of 1.2377 (Last Wednesday) was unexpected. A daily close above last week’s high would suggest that GBP enters a bullish stage, with better than even odds. UOB added…
“….GBP is expected to stay underpinned with 1.2435 acting as a solid support.”
NZDUSD: Range bound 0.6950-0.7090 – Neutral bias (unchanged)
NZD has been trading in the range 0.6950-0.7090 in spite of the recent choppy trading. UOB added…
“….Indicators are showing mixed signals and at this stage, there is no pre-indication that a break out of the range is imminent.”
USDJPY: Range bound 111.50- 112.20 – Neutral bias
USD touched a high of 112.19 last Friday and slid downwards rapidly. The underlying positive sentiment has eased. UOB added,
“…current movement is viewed as the early stages of a consolidation phase, expected to be roughly within last week’s range of 110.10/112.20.”
This concludes the 3 April UOB Daily Forex Trade ideas.
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