UOB 21st Sept trade ideas for Forex Traders

Are the markets expecting a Sept rate hike? Learn more about the major pairs by starting your trading day with the trade ideas for forex traders shared by the United Overseas Bank (UOB). A key tool that benefit traders ahead of the FOMC today. Will the markets see Fed inaction today? 

21st September, AtoZForex – UOB shares its trade ideas for Forex on the AUDUSD, EURUSD, GBPUSD, NZDUSD and USDJPY pairs.

AUDUSD: Range bound 0.7440-0.7630 – Neutral bias

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AUD outlook from yesterday remains the same and is a consolidation zone with bias being neutral. UOB view is

“…expect this pair to continue to trade within a range of 0.7440-0.7630”.

EURUSD: Strong support at 1.1100 –Bearish bias

The EUR spiked yesterday to 1.1213 and then closed near the day's low, bias remains bearish, any move to the downside is expected to see a strong support level at 1.1100. UOB’s view remains the same as yesterday.

Also see: Daily Free Forex Signals

GBPUSD: Traders take partial profits at 1.2930 – Bearish bias

GBP moved downwards to 1.2947 yesterday and has the possibility to move further down to 1.2930,. According to UOB

“… this is a considered a strong support and traders who are short may take some profit at this level.”

NZDUSD: Trade range 0.7240-0.7380 – Bias shift from bearish to Neutral

NZD outlook is unclear since the break of 0.7340 level, which indicated an end to bearish direction and shift to a neutral stance for this pair.  Expected to trade in a range between 0.7240-0.7380. UOB’s view is

“.. 0.7220-0.7240 is considered a strong zone, if we see a break below this zone then expect continued weakness to the downside”.

USDJPY:  No update

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