Friday 12 May UOB Daily Forex Trade ideas – Inflationary data, USD bullish today

Friday 12 May UOB Daily Forex Trade ideas with G7 finance and central bankers meeting today . Later today we have the USA CPI and Retail Sales data releases. Expect USD to strength on meeting market expectations. USD bullish? 

12 May, AtoZForex – These are 12 May UOB Daily Forex Trade ideas on the five major pairs; AUDUSD, EURUSD,  GBPUSD, NZDUSD and USDJPY.

Summary of 12 May UOB Daily Forex Trade ideas

AUDUSD: Partial profits taken at 0.7335-40 – Bearish bias

The bearish phase that commenced on Thursday 04 May remains in place.  AUD continues downward, however, downside momentum has slowed means a further move below the 0.7330 support level will be a challenge.  UOB added,

confirmation of a short-term low is only upon a move back above 0.7420. Until then, another push lower to 0.7300 cannot not ruled out just yet despite the low odds.”  

EURUSD:  Range bound 1.0800-1.0950– Neutral bias

The EUR outlook that a short term top is in place at 1.1023 level remains in place.  EUR to trade sideways from now. UOB added…

“… The current movement is viewed as the early stages of a consolidation phase, likely between 1.0800 and 1.0950.”  

Also see: Daily Free Forex Signals

GBPUSD: Range bound 1.2830-1.3000 – Neutral bias

GBP is still within the trading range 1.2830-1.3000, even with the unexpected sharp pullback.  For GBP bullish outlook to regain its foothold, price has to close above the 1.3000 level. UOB added …

“… and while the risk is tilted to the downside, any weakness is expected to encounter strong support at 1.2830.  

NZDUSD: Odds towards 0.6770 not high – Bearish bias

Yesterday NZD bias shifted towards the bears, after the sharp drop and expected price continuing downward, with low odds towards the 0.6770 level.  UOB added…

“….NZD has to move back above 0.6890 to indicate that the immediate downward pressure has eased.  

USDJPY: Initial target at 114.90 then 115.50 – Bullish bias

USD retracement was deeper than expected from the high of 114.36 yesterday, reaching a low of 113.44 level. Although the stop loss at 113.95 remains in place, the upside momentum has slowed. UOB added,

“…USD has to recover above 114.20 within these 1 to 2 days or risk of a break below 113.30 would increase quickly .

This concludes the 12 May UOB Daily Forex Trade ideas

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