Ideas: EUR/USD, EUR/JPY, GBP/USD, AUD/USD, NZD/USD, USD/CAD - UBS
The following are UBS' latest short-term (mostly intraday) trading strategies for EUR/USD, EUR/JPY, GBP/USD, AUD/USD, NZD/USD, and USD/CAD.
EUR/USD: There has been some small pressure to the topside since yesterday. We prefer staying patient and waiting for a break of the 1.0700-1.100 range.
EUR/JPY: We favour buying dips to 131.30/40, with a stop below 130.80. There is still some significant resistance at 132.25.
GBP/USD: We think there is more to yesterday's squeeze in GBPUSD. Look to buy on dips towards 1.4310/20, with a stop through 1.4250, targeting a move to 1.4500.
AUD/USD: The RBA left the OCR unchanged at 2% today, as expected, accompanied by a slightly more dovish tone. We prefer buying on dips between here and 0.7000, with a stop below 0.6950, targeting a move towards 0.7200.
NZD/USD: has been trading bid and although it has been capped by the resistance at 0.6550, we think the pair may test the topside again. Look to buy on dips towards 0.6450, with a stop below 0.6340, targeting a break or test of the resistance at 0.6610.
USD/CAD: seems to have decoupled from oil for the moment and is trading only slightly higher than it was yesterday, despite lower oil prices. We still like selling on rallies, but remain cautious about a possible move higher on the back of the oil selloff, so prefer establishing shorts closer to 1.4150 than at current levels.
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