30 March UOB Daily Forex Trade ideas- UK exit begins, GBP bearish?

Thursday 30 March UOB Daily Forex Trade ideas, market awakens to reality of a European Union without UK. How will the markets respond to the UK PM’s letter? What impact will this have on GBP and EUR?

30 March, AtoZForex –  These are UOB daily forex trade ideas for 30 March on the five major pairs; AUDUSD, EURUSD,  GBPUSD, NZDUSD and USDJPY.

Summary of 30 March UOB Daily Forex Trade ideas

AUDUSD: Odds increased of a short-term low–  Neutral bias

Yesterday’s AUD outlook was for a close above the 0.7685 would be an indication of a start to take out the 0.7740-50 level. The odds of a short term low has increased, even though the AUD closed below the 0.7685. UOB added,

“… The positive undertone would remain intact unless there is a drop back below 0.7610.

EURUSD:  Range bound in 1.07015-1.0905– Neutral bias

EUR dropped yesterday and a move to the next support cannot be ruled at 1.0655. Monday’s high of 1.0904 is deemed a short term top and part of a consolidation period. The immediate bias towards the lower side of the trading range 1.0715/1.0905. UOB added…

“..In the next few days, any rebound is expected to face stiff resistance at 1.0830.

Also see: Daily Free Forex Signals

GBPUSD: Pullback lower possible to 1.2300 – Neutral bias

No change in outlook, as bias remains neutral from yesterday. The current price action is considered a pullback with downside extension towards the 1.2300 level and not any further at this stage. UOB added…

“….GBP is expected to stay under pressure from here unless it can move and stay above 1.2505 within these few days.  

NZDUSD: Range bound 0.6950-0.7090 – Neutral bias (unchanged)

 NZD bias remains unchanged, with yesterday’s narrow range trading, there is no clear indication.  UOB added…

“….We continue to view the current movement as part of a broad 0.6950/0.7090 consolidation range.  

USDJPY: Short term low in place if  above 111.50– Neutral bias

USD closed unchanged yesterday easing the downward pressure. Price has to close above the 111.50 at the end of the day indicating a short term low is in place.  This would indicate a possible sustained recovery to 112.30.  UOB added,

“…This appears to be a likely scenario unless USD was to drop back below 110.55 within these few days.

This concludes the 30 March UOB Daily Forex Trade ideas.

Think we missed something? Let us know in the comments section below

Share Your Opinion, Write a Comment