United Overseas Bank (UOB) shares its trade ideas for Forex traders after the USA Presidential election victory by the Republicans. Markets recovered after the initial shock of a Trump victory. Bullish USD?
10th November, AtoZForex – Trade ideas for forex traders shared by UOB on the AUDUSD, EURUSD, GBPUSD, NZDUSD and USDJPY pairs.
AUDUSD: Range bound 0.7555-0.7750 – Neutral bias
Although AUD strength has improved, the drop to a low of 0.7580 has slowed the upward move. A strong daily close above the resistance levels at 0.7760-65 would shift bias to the bullish side. UOB added:
“… continue to stay neutral for now and expect this pair to trade in a broad 0.7555/0.7750 range for now.”
EURUSD: Support at 1.0820-1.0845, downside bias – Neutral bias
No change to EUR neutral bias, with a weak daily close bias leaning to downside, with strong support at 1.0820-1.0845 levels. UOB added:
“… only a move back above 1.1090 would indicate that the immediate downward pressure has eased.”
Also see: Daily Free Forex Signals
GBPUSD: Range bound 1.2250-1.2550– Neutral bias (unchanged)
The GBP trading was choppy however withing the the range of 1.2250-1.2550. UOB added…
“… The outlook remains mixed and we continue to stay neutral for now.”
NZDUSD: Corrective pull-back to downside 0.7230 – Bias shifted from Bullish to neutral
The recent NZD bullish outlook has ended as price broke through the 0.7295 support level. Current price action is viewed as a corrective pull-back with possible move to the downside to 0.7230 support level, with the next support at 0.7180. However, a continuous move below this level is not expected. UOB’s view..
“… on the upside, resistance is at 0.7360 and only a clear break above 0.7400/05 would indicate the start of a fresh bullish phase.”
USDJPY: Over-extended, possible upside move to 106.50 – Bias shift from Neutral to Bullish bias
The USD is considered to be clearly over extended with the current price action, with possible further move to the upside to the 106.50 level, with the next resistance level at the July high of 107.45-50 level. UOB’s added….
“… Strong support is at 104.70 but only a move back below 103.50 would indicate that a short term top is in place.”
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