Where To Sell EUR/USD, AUD/USD, & To Buy USD/CAD? - UBS
The following are UBS' latest short-term (mostly intraday) trading strategies for EUR/USD, AUD/USD, and USD/CAD.
EUR/USD: has been choppy on uncertainty around Greece. The pair overnight traded up to 1.1353 on news that Greece will stay in EU bailout program but slipped back to 1.1310 when Greece denied those reports. With ECB QE, US rates and the search for an agreement with Greece weighing on EURUSD, we still prefer to sell on spikes to 1.1450-1.1500.
AUD/USD: slipped to 0.7670 from 0.7725 on the disappointing Australia employment data. Selling in AUD crosses kept the pair offered down to 0.7644. Sell rallies to 0.7740 and 0.7880. Support lies at 0.7620, the Feb. 3 low, ahead of 0.7450, the May 18 2009 low. Watch RBA Governor Stevens' testimony tonight.
USD/CAD: was paid up to 1.2700 in New York yesterday with crude oil prices slipping below $49. The pair has a short-term uptrend line building around 1.2540. Start buying on dips under 1.26, eventually targeting 1.30.
