UOB Forex Trade ideas: markets await OPEC meeting


Start your trading day with the UOB Forex Trade ideas on the of the  of the OPEC meetings. With the Russians not at the round table.  What will the ADP Non-Farm Employment data reveal? Will traders be bearish on USD?

30 November, AtoZForex – These are today’s UOB Forex trade ideas for traders on the five major pairs; AUDUSD, EURUSD, GBPUSD, NZDUSD and USDJPY.

UOB Forex Trade ideas

AUDUSD: Bullish on daily close above 0.7555 – Neutral bias (unchanged)

AUD bullish move continues as price likely to reach a strong resistance of 0.7510. A breach of this level is likely, however price must close above 0.7555 for a continued upside move. UOB added:

“… The odds for such a move appear to be quite high as long as 0.7430 is intact.”

EURUSD:   Range bound 1.0550-1.0750 –  Neutral bias 

Choppy EUR price action strengthens the neutral bias outlook. Inspite of the positive daily close. Only a clear breakout above 1.0750 level would mean a possible EUR recovery.  UOB added:

“… this pair is expected to continue to trade in a broad 1.0550/1.0750 range.”

Also see: Daily Free Forex Signals 

GBPUSD:  Range bound 1.2300- 1.2600– Neutral bias 

GBP outlook remains the neutral for last fortnight. With choppy trading in the recent past, within the expected trading range of 1.2300-1.2600. Only a breakout above the 1.2600 level , would surely be a sustained move to the upside.  UOB view was that …

“… In the meanwhile, expect further choppy trading between 1.2300 and 1.2600.”

NZDUSD: Bullish bias on daily close above 0.7150 – Neutral bias.

NZD outlook shifted from bearish to neutral yesterday. There is room for price to move to the upside to the 0.7150 level. A possible further upward move cannot be discounted on a daily close above 0.7150 level. With possibly moving up towards the 0.7230 level. UOB’s view..

“… This appears to be a likely scenario unless NZD were to move and stay below 0.7090 within these 1 to 2 days.”  

USDJPY: Range bound 110.25-113.10 –  Neutral bias

USD’s bullish outlook has ended and the current price action is possible start of a correction/consolidation phase.  With downside vulnerable, any further decline is expected to find solid support. UOB added ….

“… near 110.80, 110.25. Strong resistance is at 113.10 which briefly exceeded yesterday with a high of 113.33”  

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