UOB trade ideas for forex traders-17th November

United Overseas Bank (UOB) shares its trade ideas for Forex traders ahead of Fed Chair Yellen’s  testimony today. How will markets reacts?

17th November, AtoZForex – Trade ideas for forex traders shared by UOB on the AUDUSD, EURUSD, GBPUSD, NZDUSD and USDJPY pairs.

AUDUSD: Target of 0.7740-45 – Bearish bias

The AUD target remains unchanged at 0.7440-0.7445 despite the rapid move to the downside.  UOB added:

“…  due to yesterday’s drop[the ‘couple of days of consolidation’ highlighted in recent updates has ended. Extension towards 0.7405 would not be surprising.”

AtoZforex.com Note: UOB is short on AUDUSD 

EURUSD:   Traders take partial profits at 1.0640-45 – Bearish bias

There is no change in EUR bearish outlook as price touched 1.0663 yesterday. UOB added:

“… shorter term indicators are over-extended and those who are short should look to take partial-profit at 1.0640/45 (next support at 1.0600). ”

Also see: Daily Free Forex Signals 

GBPUSD:  Range bound 1.2300-1.2600– Neutral bias 

 The GBP outlook remains the same since yesterday. UOB added…

“…This is pair is expected to trade sideways for now, likely within a 1.2300/1.2600 range.”

NZDUSD: Traders take partial profits at 0.7035– Bearish bias

NZD outlook remains bearish as price touched a low of 0.7036 yesterday.  Momentum to the downside seems to be slowing down and a continuous move beyond the 0.7035 has decreased. UOB’s view..

“… those who are short should take partial profits at 0.7035.”  

USDJPY: USD strength waning – Bullish bias

The USD bias remains bullish, although odds for further USD strength has decreased as price closed lower for the day after reaching a high of 109.75.   UOB  added ….

“… USD strength have clearly diminished unless there is sharp rise above 109.75/00 within these 1 to 2 days. We have advocated taking partial-profit at 109.00 previously and from here..”  

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