15 July, AtoZForex – For the last day of the trading week, United Overseas Bank (UOB) has shared its technical Forex analysis for Forex traders to acknowledge and benefit.
UOB daily trade ideas for Forex Traders
The following are 5 UOB daily trade ideas for EURUSD, USDJPY, GBPUSD, AUDUSD, and NZDUSD major currency pairs.
EURUSD: In a 1.0995/1.1200 range, from bearish to – Neutral
Time has run out for EURUSD bears and UOB is now shifting to neutral Euro stance. “We expect to see further sideway trading, likely between 1.0995 and 1.1200 even though the near-term bias is for a stronger rebound,” UOB added. However, a move above 1.1200 resistance seems unlikely for now.
USDJPY: Above 106.00 to 106.80 – Bullish
The anticipated USD strength has been more impulsive than expected. The break above the psychological 106.00 resistance shifts the focus towards 106.80, the high seen ahead of Brexit. However, some investment banks see USDJPY top.
GBPUSD: Potential higher to 1.3535 – Neutral
The investment bank has shifted to a neutral GBPUSD outlook on Wednesday with a notion that GBP is in a corrective phase which has room to extend towards 1.3535. A move above 1.3535 could also lead to extension higher to 1.3600. While odds for such a move are not high, they has improved considerably since yesterday.
Overall, “GBP is expected to stay underpinned with support at 1.3250 followed by the now very strong level at 1.3150,” UOB added.
AUDUSD: Partial profit at 0.7700 – Bullish
“The bullish AUD phase is still intact and the current movement is viewed as a short-term consolidation phase,” UOB noted.
However, we have some signs that upward momentum is fading and those who are long on AUDUSD since last Tuesday should book partial profit on any move towards 0.7700, the bank advised.
NZDUSD: Pull-back to 0.7080, from bullish to – Neutral
Finishing today’s UOB daily trade ideas for Forex traders, the bullish NZDUSD phase ended abruptly as the pair plunged below the 0.7200 stop-loss. Although the bank has turned neutral, the near term risk seems to be on the downside, and the current rebound could extend lower to 0.7080.
Overall, “this pair is expected to remain under pressure in the coming days unless it can move above 0.7230,” UOB concluded.
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