Commence the day and increase the number of profitable trades by taking advantage and benefit from the trade ideas for Forex traders shared by United Overseas Bank (UOB) and stay on the right side of the trend.
13th September, AtoZForex – The following are UOB’s trade ideas for Forex major currency pairs AUDUSD EURUSD, GBPUSD, NZDUSD and USDJPY.
AUDUSD: Possible for pull back to reach lower to 0.7460 – Neutral Bias
The unexpected downside move yesterday by the AUD, having bounced back from the low of 0.7494, the bias leaning to a further price move to 0.7460 acting as a resistance level. AUD is expected to remain under pressure and UOB added:
“…unless it can reclaim 0.7630 within the next few days”.
EURUSD: Range bound 1.1150-1.1330 – Neutral bias
The EURUSD failed to remain above the resistance levels of 1.1300, while last week’s neutral bias since last Friday remains. According to UOB:
“ .. further sideway trading is expected , likely within 1.1150 and 1.1330 range”.
GBPUSD: Range bound 1.3200-1.3450 –Neutral bias
GBPUSD bounced back after dropping to the low of 1.3235 yesterday. The trading range has changed to between 1.3200-1.3450. However, the neutral bias remains. Building further UOB clarifies that:
“..further sideway trading is expected, likely within a 1.3200/1.3450 range instead of the 1.3150/1.3450 expected previously”.
NZDUSD: Price could reach lower to 0.7250 – Neutral bias
Traders saw NZDUSD drop sharply after touching a high of 0.7485 last week. It appears to be an incomplete and a decline to 0.7250 is possible. Although a further decline is expected, the 0.7250 is expected to act as a support with resistance at 0.7380. UOB added:
“..only a move above 0.7415 would indicate that the current downward pressure has eased”.
USDJPY: Range bound 100.80- 103.20–Neutral bias
The USD touched a high of 103.05 last Friday, before declining to the current levels. Continued choppy trading is anticipated with the neutral position for the USD still intact. UOB’s view is:
“..expect further choppy trading, likely within a broad 100.80/103.20 range”
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