Friday 19 May UOB Daily Forex Trade ideas with focus mainly on the UK elections and USA news on the investigations on the Trump team, does not bode well for the markets. Will USD bears relinquish control?
19 May, AtoZForex – These are 19 May UOB Daily Forex Trade ideas on the five major pairs; AUDUSD, EURUSD, GBPUSD, NZDUSD and USDJPY.
Summary of 19 May UOB Daily Forex Trade ideas
AUDUSD: Extension to 0.7480/85 level - Neutral bias
AUD outlook since 16 May remains in place. The AUD recovered from 0.7329 level could extend further towards the 0.7480-85 resistance level. Price moved yesterday to a high of 0.7468 before retreating back. If the 0.7370 support level remains in place, AUD could retest the 0.7480-85 level once more. UOB added,
“ A clear break above this level would indicate that AUD has moved into a bullish phase.”
EURUSD: Possible extension to 1.1200– Bullish bias
Yesterday the formation of a bearish outside day candlestick formation does not look good. This is deemed to be a short -term consolidation stage and not the commencement of a reversal. Upside momentum has eased off and it will take a few more days before we see further move up towards 1.1200 level. A surprise break below the stop loss level at 1.1045 would mean the commencement of a deeper pullback possibly below 1.1000. UOB added...
“... In the meanwhile, those who are long may likely to consider reducing their position on any move to 1.1170..”
Also see: Daily Free Forex Signals
GBPUSD: Range bound 1.2850-1.3050 - Neutral bias
GBP breached the 1.3030 level and touched a high of 1.3048 yesterday before sliding back towards 1.2888 level. With this price action and swing higher has indicated a mixed GBP outlook and hold the neutral ground. UOB added ...
“... and expect this pair to trade choppily in the coming days, likely within a broad 1.2850/1.3050 range.”
NZDUSD: Back in range 0.6850-0.6950 – Neutral bias
NZD upside price action has depleted after sliding from a high of 0.6952 level. The key resistance level at 0.6970 remains unaffected. UOB added...
“..from here, it seems likely that NZD has moved back into a 0.6850/0.6950 consolidation range.”
USDJPY: Price oversold, extension to 110.10 – Bearish bias
USD bias shifted towards the bears yesterday as price could extend towards 110.10 level. USD rebounded after touching a low of 110.21, with risk reward ratio unfavourable. Expect further losses if the 111.90 level is not taken out. UOB added,
“...the low 110.21 is acting as a solid support now and those who are short should consider booking some profit ahead of this level.”
This concludes the 19 May UOB Daily Forex Trade ideas
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