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 AUD/USD.
EUR/USD
Most of the day EUR/USD stood in consolidation. It seems that bears might solve this problem, and it’s possible with EU summit today and the EBC report later. We would look to establish fresh shorts around 1.1170-1.1200 with stops above 1.1225, for 1.1100.
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GBP/USD
GBP/USD dipped after slightly worse-than-expected ILO unemployment data yesterday, but then rallied to 1.4340. We prefer only getting involved on the extremes. With bulls on pair we recommend to stay calm and wait for better place to buy GBP/USD.
USD/JPY
USD/JPY stays in triangle formation. The pair can’t really go much lower with risk trading as it is, so we prefer playing the range and wait for a breakout.
AUD/USD
Worse job data from Australia cause more downside risk to AUD/USD. Stick to playing the range. The resistance area from 0.7190 to 0.7250 should hold on the topside and the support area from 0.7080 to 0.7030 should hold on the downside.
