Trade Ideas For EUR/USD, USD/JPY, AUD/USD, USD/CAD - UBS
The following are UBS' latest short-term (mostly intraday) trading strategies for EUR/USD, USD/JPY, AUD/USD, and USD/CAD.
EUR/USD: Activity remains slow ahead of the FOMC meeting, and we recommend only getting involved on the extremes. Buyers will come into play below 1.1250, and sellers will be lined up above 1.1400.
USD/JPY: Risk and position adjusting will be the main drivers today ahead of Thursday's FOMC meeting. Over the past few days we have seen USD long cutting, so look to play the pair from the short side around 120.20/30 with a stop above the 200-day moving average at 120.83.
AUD/USD: The pair nearly reached 0.72, but we now recommend taking profit on longs ahead of the FOMC meeting, as equity markets remain nervous and there is strong technical resistance coming in with a downtrend line around 0.7175.
USD/CAD: Fade rallies towards 1.3300, with a stop above 1.3360, looking to trim shorts towards 1.3120/50 for an eventual move below 1.30.
