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, USD/JPY and AUD/USD.

EUR/USD

Traded almost all day long on Friday, with a quick u-turn in last few hours. It was caused by USD sell-off at the month end. UBS still prefering to sell EUR/USD and would look to get involved above 1.1050, with resistance at 1.1070, planning to add ahead of 1.1090 with a stop above the 200-day moving average at 1.1111. First target for take profit is the Friday low of 1.0987, followed by 1.0950

USD/JPY

Simmilar situation like on EUR/USD. Mont-end dollar sell-off caused a minor gap on the chart, but with the possibility of BoJ easing in November and a hawkish Fed, the bullish USDJPY trend remains very much intact. That’s why UBS prefer playing long on USD/JPY, buying current levels with a stop below 120.25/30. Ressistance key levels are 120.80 and 121.50.

AUD/USD

Australian building approvals data came in above expectations, which resulted in the pair trading bid in Asia. Anyway, market is waiting for tommorow’s RBA decision. UBS expect the pair to trade sideways until the meeting and prefer fading rallies between 0.7150 and 0.7200.