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 AUD/USD, USD/CAD and NZD/USD.

AUD/USD

Surprisingly RBA left OCR unchanged at 2.0% level. Traders observing the pair may have felt a little confused, because right before the decision pair plunged from 0.7170 to 0.7010 before jumping to 0.7213 immediately afterwards. Anyway, the pair has been trading bid since touching a high of 0.7220 but still we are above Monday closing. UBS treat this like an ocasion to sell AUD/USD on the better price expecting the focus to shift back to the US soon and prefer selling rallies as long as the pair stays below 0.7280. We are waiting for US payrolls on Friday.

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USD/CAD

Has been consolidating since the start of the week. It may be sign for traders looking for hints before US data later during the week. We prefer buying on dips as long as 1.3060/40 holds, with a stop through 1.3030. The first intraday support comes in at 1.3060; the first levels on the topside are 1.3120 and 1.3160.

NZD/USD

Almost same situation like on USD/CAD. Unemployment data is due later today. NZDUSD support at 0.6700, 0.6620 and 0.6475 resistance at 0.6800, 0.6900 and 0.7030.