The following are UBS' latest short-term (mostly intraday) trading strategies for EUR/USD, USD/JPY, and AUD/USD.
EUR/USD: The market should be very news-driven today with the focus on the emergency Eurogroup meeting on Greece. Stay flexible and trade according to the meeting outcome. Support continued to hold at 1.1260-70 yesterday.
USD/JPY: buying interest came back below 119 yesterday as dollar bulls' faith was eventually restored. As the yen had been out of focus for the last few weeks, long positions might have been unattended. Buy at 119.20/30 for now. First good support lies at 118.80 ahead of 118.20. Watch resistance at 120 ahead of the multi-year high at 121.80.
AUD/USD has been rangebound since yesterday's Europe close. We remain sellers of rallies as commodities are back under pressure and US Treasury yields are higher. The pair should therefore have limited upside in this environment.
