Today's trade ideas for forex traders shared by the United Overseas Bank (UOB). After the inaction of the FED to keep rates unchanged, what can traders expect from ECB and BoE?
22nd September, AtoZForex – Trade ideas for forex traders shared by UOB on the AUDUSD, EURUSD, GBPUSD, NZDUSD and USDJPY pairs.
AUDUSD: Bullish if closes above 0.7675 – Neutral bias
AUD's unexpected strengthened with momentum to the upside increased. Neutral bias remains unchanged unless we see a close above the 0.7675 level before shifting towards being bullish. Target a break above 0.7730-35 which is the early Sept high. UOB view is
“…unless there is a move below 0.7535, upside pressure to continue to grow”.
EURUSD: Probability for further EUR weakness decreased –Bearish bias
Yesterday the EUR dropped to a low of 1.1119 and bounced back. Although bias remains bearish, the odds for EUR weakness have decreased unless in the next couple of days we see move and remains below 1.1120. UOB’s added....
“… a break above the present stop-loss of 1.1240 would not be unexpected.”
Also see: Daily Free Forex Signals
GBPUSD: Take partial profits at present level – Bearish bias
GBP is seen as oversold and short term momentum is decreasing with an increased short term low. According to UOB
“… Traders who are already short from last week need to consider taking some of the profits off the table at the present level.”
NZDUSD: Bounce to 0.7485 possible – Neutral bias
NZD bounce from last week's 0.7235 has been much stronger, although bias remains neutral we could see price extend and test 0.7485 (0.7410 level is seen as a interim resistance level). A continuous move above this level to upside is deemed unlikely. UOB’s view
“.. NZD positive undertone is intact unless in the next couple of days we see a move back below 0.7280”.
USDJPY: No update
Think we missed something? Let us know in the comments section below.