UOB trade ideas for forex traders-11th November


United Overseas Bank (UOB) shares its trade ideas for Forex traders, ending a week fully focused on the USA Presidential election  . USD bullishness to continue? 

11th November, AtoZForex – Trade ideas for forex traders shared by UOB on the AUDUSD, EURUSD, GBPUSD, NZDUSD and USDJPY pairs.

AUDUSD: Bearish if  daily close below 0.7750 – Neutral bias

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The AUD trading range of 0.7568-0.7741 was near enough to the 0.7555-0.7750 range . With a weak daily close has indicated a possible bearish bias.  If price closes with a daily close below 0.7550, a possible downside can be expected (expecting a break below 0.7505).  UOB added:

“… This appears to be a likely scenario unless AUD can move and stay above 0.7700 from here.”

EURUSD:   Support at 1.0820-1.0845, downside bias – Neutral bias (unchanged)

No change to EUR bias, current bias leaning to downside, with strong support at 1.0820-1.0845 levels. UOB added:

“… this pair is expected to stay under pressure unless it can reclaim 1.1030 within the next few days.”

Also see: Daily Free Forex Signals 

GBPUSD:  Bullish if daily close is above 1.2550– Neutral bias 

 The GBP closed strongly yesterday. Bias would shift to the upside if the daily close was above 1.2550 with intial target above 1.2625 towards 1.2770. UOB added...

“… This pair is expected to stay supported unless there is move back below 1.2430.”

NZDUSD: Bearish if  daily closed below 0.7180 – Neutral bias

The expected corrective pull-back has been sharper than expected to the downside. Price closing below the 0.7180 would indicate start of a bearish period of price action with initial target of 0.7110. UOB's view..

“... Overall, NZD is expected to stay under pressure unless it can reclaim 0.7300 within these few days.”  

USDJPY: Target of 106.50 exceeded - Bullish bias

The USD bias shifted towards the bulls yesterday, with the initial target of 106.50 met easily, overnight high of 106.94.  Focus is now on the July high of 107.45-50 level reported yesterday.  UOB's view from yesterday remains ....

“... 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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