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 AUD/USD, EUR/USD and NZD/USD.

AUD/USD

Pair did surprise UBS a bit, when Australian job report has shown, that unemployment fall out of the blue by 3bp, to 5,9%. Also with 58.6k jobs added in October vs consensus for 15k AUD/USD immediately jumped from 0.7050 to 0.7110 and eventually moved up to a high of 0.7153. The pair looks set to test Friday’s high at 0.7170, but we expect the resistance ahead of 0.7200 to hold. Support at 0.7100, 0.7050 and 0.7000, resistance at 0.7200, 0.7243 and 0.7500.

EUR/USD

EUR/USD is stuck in a relatively tight range. We think the pair will head lower and eventually test the March low.At the moment, we recommend selling at 1.0780 with a stop above 1.0800, targeting 1.0710.

NZD/USD

NZD/USD came under pressure after the Australian jobs data as AUDNZD traded up 1.0870. NZDUSD dipped to 0.6540 after the data and with the rally in AUDNZD, we may see NZDUSD move towards the support at 0.6500. Look to fade rallies towards 0.6580, with a stop through 0.6600.