Commence today with trade ideas for forex traders shared by the United Overseas Bank (UOB). After last week’s hive of activity in the market, this week we see the focus shift onto Central Bankers. Will markets see further EUR and USD pressure?
26th September, AtoZForex – Trade ideas for forex traders shared by UOB on the AUDUSD, EURUSD, GBPUSD, NZDUSD and USDJPY pairs.
AUDUSD: Bullish if daily close above 0.7675 – Neutral bias
The is no change in view on AUD since last Friday, unless we see a daily close above the 0.7675 level indicating a shift towards the bullish side. UOB added..
“…provided 0.7560 is still intact, a move above 0.7675 appears to be good”.
EURUSD: Range bound 1.1120-1.1290 – Neutral bias
The EUR traded between 1.1191 and 1.1240 and all indications are for neutral bias and expected to trade in a range. UOB’s view remains unchanged since last Friday…..
“… expect EURUSD to trade in a range between 1.1120-1.1290 in the meantime .”
Also see: Daily Free Forex Signals
GBPUSD: Likely move to 1.2865 limited – Bearish bias
The GBP reversed last Friday and fell below the revised target of 1.2930 to a low of 1.2915. The bias for this pair remains bearish, however a move to the next support level of 1.2865 is limited. According to UOB
“… current bearish bias remains unless 1.3060 level is removed”
NZDUSD: Bearish if daily closes below 0.7200 – Neutral bias
NZD fell sharply last Friday, however a daily close below 0.7200 is preferred for further a shift to a bearish bias with targets of 0.7135-40. UOB’s view
“.. this scenario appears likely, unless NZD moves and remains above 0.7275 in the next couple of days”.
USDJPY: Room to extend to 99.50-99.55 – Bearish bias
USD is considered to be extremely oversold and currently consolidating. If 101.50 is not breached, it is possible for further move towards 99.50 support level. UOB added
“..with oversold conditions a break below this level seems unlikely”.
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