Trade Ideas are short term (mostly intraday) forex strategies realesed daily by UBS analytics. In todays release we can get to know with their ideas for such currency pairs like EUR/USD, GBP/USD, USD/CAD, AUD/USD and NZD/USD.

EUR/USD

Flows have been very light over the past 24 hours. UBS still favours selling the pair, ideally from 1.0950 level. Support at 1.0900, 1.0805 and 1.0775; resistance at, 1.0925 and 1.0975.

GBP/USD

After yesterdays BoE decision cable tried to correct, but supply turned it off and has created new low. Risk is the main theme today, following the latest moves for equities and commodities. 

AUD/USD

Almost same situation as on GBP/USD. Aussie has made new low, and it seems like only a matter of time before the pair moves even lower. Stick to playing AUDUSD from the short side as long as it is below 0.7100.

NZD/USD

Moves like its older brother AUD/USD. We still see risk to the downside and would stick to playing the pair from the short side as long as it is below 0.6500.

USD/CAD

With giant fall on oil prices, USD/CAD menaged to create a new multi-year high. The price action shows how few resting bids and offers are in the market. The first support is at 1.4430/50, followed by 1.4300