The following are UBS' latest short-term (mostly intraday) trading strategies for EUR/USD, USD/JPY, and NZD/USD.
EUR/USD: rebounded twice from 1.1310-20 yesterday but 1.1370-80 proved to be a good sell on both occasions and the dollar strengthened across the board on the FOMC statement. The wide 1.1100-1.1500 range seems to be in play. Fade 60-70pip moves in either direction with stops at 1.1190/1.1410.
USD/JPY: continued to hold at 117.20 after the slightly more dovish FOMC statement yesterday. The range remains intact; play this with support at 117.20 and first resistance at 118.30 ahead of 118.30. Long-term UST yields dropped significantly on the FOMC statement, indicating that the dollar should eventually come under pressure.
NZD/USD: support lies at 0.7118, the March 2011 low, ahead of 0.6950, the long-term Fibonacci level. We expect Kiwi to remain soft and would sell rallies to 0.7400 with stops above 0.7500.
PS: indicators that you can use in your trading system.
Good Luck!!!
