9 December, AtoZForex – These are 9 December UOB trade ideas for traders on the five major pairs; AUDUSD, EURUSD, GBPUSD, NZDUSD and USDJPY.
9 December UOB Forex Trade ideas
AUDUSD: Range bound 0.7350-0.7550 – Neutral bias
AUD outlook remains unchanged, with very little to add. AUD moved above the 0.7500 level, however, this was only for a short term upside move. All the indicators are neutral, which means that the AUD move is considered part of a neutral sideways range. UOB view remains:
“… we continue to expect range trading, likely within a 0.7350/0.7550 range.”
EURUSD: Downward pressure to 1.0505 support level – Neutral bias
EUR traded 277 pips yesterday and ended at the day’s low. A weak daily close indicates short term bias is leaning towards the downside. Further EUR weakness will encounter strong support at 1.0505 level. The next major support is at 1.0455-60 level. The EUR currently remains under pressure. UOB added…
“…unless it can move and stay above 1.0760 (1.0700 is already a strong short-term resistance).”
Also see: Daily Free Forex Signals
GBPUSD: Range bound 1.280-1.2750 – Neutral bias (unchanged)
GBP position changed to neutral yesterday and this view of GBP remains intact. UOB view remains unchanged …
“… The current movement is viewed as the start of a neutral consolidation phase, likely within a broad 1.2480/1.2750 range”
NZDUSD: Bullish on daily close above 0.7200– Neutral bias
NZD touched a high of 0.7223 and closed yesterday at 0.7150. If the 0.7140 remains intact. Another move to the upside cannot be ruled out above the 0.7200 level. UOB added …
“… even though the odds for such a move have diminished.”
USDJPY: Range bound 111.50 – 115.00 – Neutral bias (unchanged)
USD outlook remains unchanged at the present neutral level. The short term view is leaning towards the downside. UOB added ….
“… we continue to expect this pair to trade sideways within a very broad range of 111.50/115.00 for now.”
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