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 and NZD/USD.

EUR/USD

Pair tested Mondays high, but demand wasn’t strong enough to continue gains. The market is waiting on US payrolls data later today and we prefer only getting involved on the extremes. Support at 1.0830, 1.0800 and 1.0770; resistance at 1.0880, 1.0900 and 1.0940.

GBP/USD

Cable defended its key support zone at 1,4567 level, but todays price action tells us, that this might be temporarily move. There seems to be some support closer to 1.4500 and we prefer selling on rallies towards 1.4650, with a stop above 1.4675.

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NZD/USD

Pair is at its key support zone 0,6600. Looking on a daily chart, we can easily spot that NZD/USD is in a big triangle formation, currently at the bottom of it. We see risk for a bit more room on the topside and would look to fade rallies between 0.6720 and 0.6760, with a stop above 0.6825.

USD/CAD

Governor Polloz yesterday speech was likely optimistic, with BoC monetary policy and oil situation talk. USDCAD dropped to 1.4130 and despite a weak Ivey PMI figure, continued lower as crude oil rebounded from early losses. We expect volatile and whippy trading today, with US and Canadian employment data due. There is support at 1.4050.