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/JPY and NZD/USD.

EUR/USD

Price action on EUR/USD looks pretty nice, but UBS analytics recommend patience because pair might get on higher levels. At this moment there is no clear destination, but EUR/USD falling until Decembers lows is still probable. Watch out for ADP data and the FOMC’s December meeting minutes today. Support at 1.0710, 1.0650 and 1.0625; resistance at 1.0780, 1.0800 and 1.0830.

USD/JPY

Another shaky session in terms of risk in Asia today. Broken last days support turned into resistance and it looks like another one (at 118.40) is being under supply attack. There is still a definitely bear sentiment on USD/JPY, but watch out for corrective moves.

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NZD/USD

continues to move lower, driven by US dollar demand and lower dairy prices. UBS see NZDUSD heading lower still, but the pair is already off by 3% since the beginning of the week and the risk of a correction is rising. Trim shorts between 0.6580 and 0.6610 in order to sell closer to 0.6750. Support at 0.6580, 0.6490 and 0.6425; resistance at 0.6680, 0.6725 and 0.6780.

GBP/USD

With Brexit still a live option, GBP is pretty weak. Heavy start of the year, heavy trading, best advice for now would be: watch to see how the market behaves. UBS still prefer selling rallies to 1.4725. Support at 1.4638, 1.4567 and 1.4500; resistance at 1.4725, 1.4800 and 1.4815.