UOB Daily trade guidance for Forex Traders


United Overseas Bank (UOB) has released its Daily trade guidance for Forex traders to acknowledge and benefit. Don’t miss the chance to increase your profitability and number of orders.

18 August, AtoZForex The following are UOB daily trade guidance for Forex EURUSD, GBPUSD, USDJPY, AUDUSD, and NZDUSD pairs.

EURUSD: Target of 1.1350 followed by 1.1430/35 – Bullish

UOB’s trade guidance has turned bullish on EURUSD yesterday and there is no change to the outlook. From here, “we continue to expect to see a move to 1.1350 where a break would shift the focus to the 1.1430/35 high seen on the day of Brexit,” UOB noted. Stop loss level remains at 1.1170 for the moment but support at 1.1220 is likely strong enough to hold any short term rebounds.

GBPUSD: Scope higher towards 1.3170 – Neutral

FX trade guidance for GBPUSD has shifted from bearish to neutral yesterday and there is no change to the outlook. The current movement higher is viewed as a correction, within an overall downtrend, and has room to extend higher to 1.3170. At this stage, a sustained break above the level is not expected.

“The current positive undertone looks likely to persist for the next several days unless there is a move back below 1.2920,” UOB added.

USDJPY: Overextended; room lower to 99.05/10 – Bearish

Despite the overextended drop in USDJPY, the pair has scope to extend further lower towards the 99.05/10 area seen on the day of Brexit.

AUDUSD: In a 0.7595/0.7760 range – Neutral

AUDUSD dipped to a low of 0.7608 yesterday, just above the 0.7595 support level. Despite this sharp drop, the current fluctuations are still considered as part of a broader consolidation phase.

In other words, “we expect further broad range trading for now, likely within a 0.7595/0.7760 range,” UOB explained.

NZDUSD: In a 0.7170/0.7350 range – Neutral

UOB’s trade idea for NZDUSD has turned to neutral yesterday and the bank did not expect the sudden bounce. While undertone has improved, UOB is not convinced that the seen NZD strength can move significantly higher above last week’s 0.7350 high.

From here, “we prefer to continue to hold a neutral view but expect a higher 0.7170/0.7350 consolidation range,” UOB added.

Also see: 3 Forex Technical Analysis for 18th of August

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