We end the week with further trade ideas for Forex traders shared by United Overseas Bank (UOB) on 9th of September and increase the number of profitable positions by staying on the right side of the trend.
9th September, AtoZForex – The following is UOB 9th September trade ideas for Forex AUDUSD EURUSD, GBPUSD, NZDUSD and USDJPY pairs.
AUDUSD: With a target of 0.7740 – Bullish Bias
AUD moved strongly to the upside to touch 0.7637 just short of the target and resistance level of 0.7740. As mentioned yesterday that the 0.7740-0.7760 is a strong resistance zone and comes as no surprise that price could not penetrate this zone. The UOB outlook is still bullish for the AUD and added:
“AUD is still deemed as bullish unless the current stop-loss at 0.7585 is taken out.”
EURUSD: Bullish bias only if daily closes above 1.1300 – Neutral bias
The EURUSD’s moved above the resistance level of 1.1300 and hit a high of 1.1326 and the upward move was not sustained. Only a daily close above the 1.1300 would indicate EUR is bullish as long as the support of 1.1190 is not taken out:
“The undertone for this pair is still positive provided the 1.1190 is not taken out in the next few days, the upward pressure would likely continue to increase” UOB added.
GBPUSD: Range bound in 1.3150-1.3450 –Bias shift from Bullish to Neutral
Yesterday the GBPUSD moved back below 1.3300 to a low of 1.3282 indicating the end of the bullish move. GBP is now considered to be in consolidation and range bound within 1.3150-1.3450 with 1.3400 acting as a strong resistance.
“ In the short term bias is still towards a slow decline to the bearish side and a clear break is not expected currently” according to UOB.
NZDUSD: Unexpected decline, increased risk of short-term top – Bullish bias
NZDUSD unexpected decline and low of 0.7384 overnight almost touched the 0.7370 level. Provided the NZD can remain above the 0.7480 level over the coming few days, otherwise we could expect a break of the 0.7370 level. UOB added:
“In other words, it is increasingly likely that a short term top is in place”.
USDJPY: Range bound 100.80- 103.20–Neutral bias
The USDJPY is still considered to be in neutral territory, with the recent downside pressure declined with a rebound yesterday. Expect the USD to trade sideways in range of 100.80-103.20 instead of “extending lower to 100.05” as viewed by UOB yesterday.
Think we missed something? Let us know in the comments section below.