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 USD/CAD, AUD/USD and NZD/USD.
Commodity prices are falling down, so does AUD/USD. Pair broke through its technical support at 0.7280 area, and got even further. Todays business confidece data helped a little, but also we had a chance to meet chinese trade balance, which isn’t very heartened. AUD looses 50 pip versus USD, closest support at 0.7200, then 0.7160 and 0.7100.
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Just like its bigger brother AUD/USD, NZD/USD was dragged lower by commodity prices. Expected rate cut by the RBNZ this week also plays a role. 0.6600/20 should be buying area for part of investors, so this is natural support zone. Next are 0.6548 and 0.6500.
Just like in previous recommendation, UBS recommends buying this pair. USD/CAD get higher, breaking through Septembers highs. At this moment 1.3450 should be a great support for future longs. It’s a little bit hard, to mark any technical resistance at this point, so watch USD/CAD closely and react if the price will try to correct.