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.
AUD/USD
Yesterday pair had a 60 pip correction, while todays session in Asia was rather calm and steady. We still prefer selling AUD/USD along with the sell-off in commodities and equities. Take profit level is on 0.6900 and todays gains make it even more attractive.
NZD/USD
Almost same situation like on AUD/USD chart. With aussie heading down, NZD/USD is also an attractive pair to sell. Local resistance at 0.6580 level and take profit right under September 2015 low – 0.6240
USD/CAD
Pair stopped at 2003 highs level, but with the sudden drop in oil prices USD/CAD manage to create a new one. A poor BoC business outlook survey hurt CAD longs so we prefer to buy USD/CAD rather than selling it. Be careful! While the market is likely waiting for $30, the risk of OPEC reaction is rising.
EUR/USD
Pair tested 1.09 level again an hour before european opening. Resistance worked pretty well, but UBS warns its client that it is possible to see the price comming through it. Much better place to sell is at 1,0950 area.
GBP/USD
Today is Mark Carney speech, but with poor data from Great Britain GBP/USD is unlikely to change its sentiment. Try to enter new shorts on retest of broken support around 1,4500.