Tuesday 09 May UOB Daily Forex Trade ideas – EUR bullish today?

Tuesday 09 May UOB Daily Forex Trade ideas ahead of  USA Job Openings and Labor Turnover Summary data, followed by  FOMC Kaplan speaking in Dallas.  After French voters voted to ensure Marine Le Pen lost, issues and divisions remain within French society regarding immigration. What next for EUR today? Bullish or Bearish?

09 May, AtoZForex – These are 09 May UOB Daily Forex Trade ideas on the five major pairs; AUDUSD, EURUSD,  GBPUSD, NZDUSD and USDJPY.

Summary of 09 May UOB Daily Forex Trade ideas

AUDUSD: Partial profits at 0.7335-40 – Bearish bias

AUD price action is currently overextended. With downside momentum has slowed means a further move below the 0.7330 support level will be a challenge. UOB added,

Those who are short when the bearish phase started last Thursday should look to book some partial profit ahead of 0.7330 (say near 0.7335/40).

EURUSD:  EUR strength decreased– Bullish bias

Yesterday, price broke through the 1.1000 touching a high of 1.1023 level and then closing lower. This does not look good for the bullish outlook that started at 1.0930 level. Price moving below the 1.0900 level means a short term top is in place at 1.1023.  UOB added…

“… another push higher is not ruled out even though the odds for such a move have diminished (1.1020/25 is expected to offer solid resistance from here).

Also see: Daily Free Forex Signals

GBPUSD: Bullish o daily close above 1.3000 – Neutral bias

GBP bullish outlook to regain its foothold, price has to close above the 1.3000 level.  UOB added …

“… While the odds are not high, this scenario is not ruled out as long as the strong support at 1.2880 can hold for the next 1 to 2 days.  

NZDUSD: Range bound between 0.6840 – 0.6955 – Neutral bias

Friday’s strong close and the downside pressure has eased up.  UOB added…

“….This pair has likely moved into a sideway consolidation phase and is expected to trade sideways between 0.6840 and 0.6955 for now.  

USDJPY: Bullish on daily close above 113.50 – Neutral bias

USD outlook changed yesterday from bullish to neutral and remains in place. Upside pressure has increased after last night’s surprise swing higher. If the price closed at the end of the day above 113.50 level, it would indicate of the re-start of the bullish phase. UOB added,

“…While the odds for such a move are not high for now, the upward pressure would increase quickly as long as the short-term support at 112.60 can hold for the next few days.

This concludes the 09 May UOB Daily Forex Trade ideas

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