Trade Ideas For EUR/USD, USD/JPY, EUR/JPY, AUD/USD, USD/CAD - UBS
The following are UBS' latest short-term trading strategies (mostly intraday) for EUR/USD, USD/JPY, EUR/JPY, AUD/USD, and USD/CAD.
EUR/USD: should stay rangebound, with buyers showing up towards 1.0900 and sellers above 1.1040. Play the range between the first support at 1.0920 and the first resistance at 1.1045.
USD/JPY: Markets are a bit calmer but equities have not really rebounded, so as long as USDJPY is below 122.30 we prefer to play it from the short side.
EUR/JPY: Look to sell EURJPY at 133.60/80, with a stop against the downtrend going back to the 100-day moving average of 134.50.
AUD/USD: has traded 0.7235-0.7281 today and the overall tone remains soft on the back of price action in equities and commodities, despite the strong jobs data yesterday. Stick to selling rallies as long as the pair remains below 0.7400.
USD/CAD: price action remains very bid and the pair touched a fresh high of 1.3660 yesterday, with oil dropping 1.5%. We would trim longs in order to buy again towards 1.3550. We continue to prefer playing the pair from the long side as long as 1.3425 holds.
