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, EUR/NOK and EUR/GBP.
EUR/USD
Today we got to know with latest European CPI – with slightly worse results pair is trading lower and lower for almost whole day. We prefer the short side, so it is recommended to sell the rallies. We’d love to sell EUR/USD yesterday, but volumes were low. Support at 1.0780, 1.0750 and 1.0735; resistance at 1.0840, 1.0880 and 1.0900.
GBP/USD
Cable is being sold off aggressively down. We prefer selling rallies closer to 1.4780/1.4800, with a stop above yesterday’s high, targeting a move towards the support at 1.4665 and 1.4635. The next major support is at 1.4566, the low from 2015. Resistance at 1.4740, 1.4780 and 1.4815.
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EUR/GBP
With weak EUR, and even weaker GBP pair is trading calmly down, but we are pretty enthusiastic because this seems to be only a correction. Buy dips to 0.7320, with a stop below 0.7300, targeting a move towards 0.7400. Support at 0.7335 and 0.7300; resistance at 0.7400 and 0.7425.
AUD/USD
Price action on AUD/USD is still driven by risk sentiment with pair testing 0.7160 once again. Stick to selling rallies between 0.7210 and 0.7250, with a stop above 0.7350, targeting a test below 0.7100. Support at 0.7160, 0.7090 and 0.7000; resistance at 0.7225, 0.7260 and 0.7335.
USD/CAD
CAD is still vulnerable to oil prices and pair remains in wide 1.3770-1.4000 consolidation. Try to engage only on extremes with support at 1.3875, 1.3770 and 1.3680; resistance at 1.3955, 1.4000 and 1.4185.
EUR/NOK
Same situation like on USD/CAD. With NOK sensitive to oil price changes pair remains in wide consolidation between 9.5800-9.6800. Norway’s manufacturing PMI was at 9:00am CET today, but the focus on oil prices will remain. As long as EURNOK continues to trade above 9.6000, we expect ranges to be wide.
