Trade Ideas For EUR/USD, AUD/USD, NZD/USD, USD/CAD - UBS
The following are UBS' latest short-term trading strategies for EUR/USD, AUD/USD, NZD/USD, and USD/CAD.
EUR/USD: The risk of a short squeeze can't be ruled out, but the pair should remain under pressure ahead of the ECB's meeting next week. Keep playing the short side but only get more involved if the pair moves closer to 1.0700. We expect buying above 1.0500 and would be surprised to see a move below the year's low ahead of the ECB.
AUD/USD: Stick to playing AUDUSD from the short side, with a stop above 0.7250. Support at 0.7160, 0.7115 and 0.7050.
NZD/USD: Fade NZDUSD rallies between 0.6580 and 0.6650, with a stop through 0.6750.
USDCAD: We would square longs and look to sell intraday rallies between 1.3370 and 1.3400, with a stop through the September high of 1.3460, targeting a test of 1.3250. A break below 1.3250 could open up a test of the mid-term uptrend line that comes in around 1.3080.
