Traders take advantage of the trade ideas for Forex traders shared by United Overseas Bank (UOB) and benefit today ahead of the FOMC, BoE and BoJ news events. Are you bullish or bearish USD?
20th September, AtoZForex – UOB shares its trade ideas for Forex on the AUDUSD, EURUSD, GBPUSD and USDJPY pairs.
AUDUSD: Range bound 0.7440-0.7630 – Shift from Bearish bias to neutral
With AUD breaking through the 0.7560 level indicates the end of the bearish move and is shifted to being neutral. UOB view is
“…to expect this pair to trade within a range of 0.7440-0.7630”.
EURUSD: Strong support at 1.1100 –Bearish bias
The EUR remains bearish, even though further move to the downward is limited with strong support level expected at 1.1100. UOB’s view is
“… unless price breaks above 1.1240, current bias is bearish”.
GBPUSD: View unchanged, target to 1.2930 – continued Bearish bias
GBP is viewed as being oversold , with the impulsive move down indicates further downward move to 1.2930. According to UOB
“… there is a strong resistance at 1.3100 and only a break of the 1.3170 level would indicate a end to the bearish phase.”
Also see: Daily Free Forex Signals
USDJPY: Trade range 101.20- 103.30–Neutral bias
Current neutral bias for this pair remains and if the USD closes above 103.30 level, it indicates shift towards bullish direction. UOB’s view remains the same as yesterday
“.. no change in neutral bias and trade in a range of 101.20-103.50”.
Think we missed something? Let us know in the comments section below.