Trade Ideas For EUR/USD, USD/JPY, EUR/JPY, GBP/USD, AUD/USD - UBS
following are UBS' latest short-term trading strategies (mostly intraday) for EUR/USD, USD/JPY, EUR/JPY, GBP/USD, and AUD/USD.
EUR/USD: The pair didn't manage to break below 1.0800 yesterday and remains above here today.We prefer the short side but would only get involved on the extremes. Buyers will emerge above 1.0750 and sellers will be lined up around 1.1000.
USD/JPY: Risk-off sentiment has emerged on the slide for commodities, mainly driven by tumbling oil prices following Friday's OPEC meeting. Equities and government yields are also under pressure. This is not the ideal environment for USDJPY bulls, and the pair topped out around 123.50 yesterday. We prefer playing the range; 122.70/80 was well-supported after US payrolls on Friday, so look to buy there with a stop below 122.20. Lighten up on the topside before 123.50.
EUR/JPY: Sell EUR/JPY closer to 134, with a stop above the 100-day moving average and one-year downtrend around 134.60.
GBP/USD: Cable has been drifting lower and we prefer selling on any rallies of 70-80 pips, with a stop above 1.5160, targeting a move towards 1.4900/1.4950.
AUD/USD: has traded heavy over the past 24 hours, as commodity currencies come under pressure. Play the pair from the short side. The next level to watch on the downside is 0.7190/0.7200, the 100-day moving average and where a short-term trend line comes in. The next levels after that are 0.7160 and 0.7100. Sell rallies towards 0.7280 and trail a stop lower to 0.7400.
