Trade Ideas: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/CAD - UBS
The following are UBS' latest short-term (mostly intraday) trading strategies for EUR/USD, GBP/USD, AUD/USD, NZD/USD, and USD/CAD.
EUR/USD: We still prefer to play the pair from the short side, but would look play the intraday moves today.
GBP/USD: The trading range for the pair is narrowing and Cable is hovering around 1.4000. Price action remains very choppy, and intraday moves have been quick and painful. We have seen a slight pick-up over the past two days since hitting the low, and selling interest seems to be fading for now. GDP figures yesterday were in line with consensus. We prefer only getting involved on the extremes, with close stops.
AUD/USD: The underlying uptrend is very much intact and we would look to buy on dips, as it seems like just a matter of time until the pair moves higher towards 0.7400.
NZD/USD: Look to play the pair from the long side, with a stop below the uptrend line that comes in just ahead of 0.6600, targeting a move towards 0.6900.
USD/CAD: The underlying trend remains to the downside, but selling or buying breakouts hasn't worked so far this year, and there is strong support coming in between 1.3440 and 1.3500. We would therefore look to fade rallies from 1.3700, with a stop above 1.3860.
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