UOB Trade ideas for forex traders -24 November


Trade ideas for forex traders shared by United Overseas Bank (UOB) after a disappointing FOMC non-event and ahead of today’s German IFO data. EUR bearish?

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

AUDUSD: Range bound 0.7300 – 0.7510 – Shift from Bearish to Neutral bias

AUD  bearish outlook started last Monday  ended yesterday with a move above the 0.7430 to a high of 0.7446.  The current price action taken as AUD being range bound within 0.7300-0.7510 levels. UOB added:

“… Looking further ahead, only a clear break below 0.7300 would indicate that the bearish phase has resumed.”

EURUSD:   Next target at 1.0455-60 – Bearish bias

EUR trading for the last several days has been sluggish at best of times. The risk of a short low increases if a break to the downside is not seen soon. The EUR bearish outlook looks good with a possible break of 1.0540 (December low) level. The next bearish target to aim for is the 1.0455-60 (2015 low in March).  UOB added:

“… the bearish view that started early last week is intact until 1.0650 is taken out (adjusted from 1.0700).”

Also see: Daily Free Forex Signals 

GBPUSD:  Range bound again in 1.2300- 1.2600– Neutral bias (unchanged)

GBP outlook remains the same from yesterday, even with strong bounce from the Monday low of 1.2313 does not necessarily confirm a continued upward momentum and neutral bias remains unchanged from yesterday. UOB view was that …

“… The strong pull-back yesterday reinforces our current neutral view and we continue to expect GBP to trade choppily, likely within a broad 1.2300/1.2600 range.”

NZDUSD: Focus back to 0.6950 level – Bearish bias 

NZD outlook remains bearish,  as price is respecting the 0.7100 with diminished risk for a short term low after the rapid drop in price yesterday. UOB’s view..

“… The focus has shifted back to the 0.6950 level, the low in July last year (next support is at 0.6900). ”  

USDJPY: Next target 113.80 – Bullish bias

USD’s bullish momentum continues after the break of the strong 111.45 resistance level and unexpected removal several other major resistance levels. UOB added ….

“… Nevertheless, the bullish phase that started 2 weeks ago is clearly intact and the next level to focus on is at 103.80, the minor high seen in late March this year. ”  

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