UOB trade ideas for forex traders on 4th October


United Overseas Bank (UOB) shared its trade ideas for forex traders as we commence a new month  ahead of NFP, as Australian home-building approvals fell in August and RBA kept rates on hold. What else can traders expect today?

4th October, AtoZForex – Trade ideas for forex traders shared by UOB on the AUDUSD, EURUSD, GBPUSD, NZDUSD and USDJPY pairs.

AUDUSD: Shift to bullish side daily closes above 0.7710 – Neutral bias

Last Friday we saw AUD dip to 0.7588 and bounce back. A shift in bias to the bullish side will only occur is we see a daily closing about the 0.7710. UOB added..

“…this would indicate a higher sustained move to the up side”.

EURUSD:  Range bound in 1.1120-1.1290 – Neutral bias

A look at most indicators, shows they are flat and no change in the neutral bias for the EUR. Further trading within this range with no clear direction. UOB’s  view…..

“… continued directionless trading likely in a range of 1.1120-1.1290.”

Also see: Daily Free Forex Signals

GBPUSD:  Important support at 1.2795/00– Bearish bias

The bias for GBP is still bearish, with the support at 1.2865  not holding we focus on the next support level at 1.2795/00 pro-Brexit low. UOB’s view…

“…  a clear break of this level shifts the focus to 1.2700 level”

NZDUSD: In a 0.7200-0.7375 range – Neutral bias

No change in outlook for NZD since last Friday.   Continued trading within the range 0.7200-0.7375.

USDJPY: If daily closes above 102.30 bias shift to bullish – Neutral bias

USD outlook improved and a daily price close above 102.30 indicates a potential bullish start with initial target at 102.85. UOB added

“..as long as the strong support at 101.15- 101.20 holds ”.

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