Trade Ideas: EUR/USD, USD/JPY, GBP/USD, AUD/USD, NZD/USD - UBS
The following are UBS' latest short-term (mostly intraday) trading strategies for EUR/USD, USD/JPY, GBP/USD, AUD/USD, and NZD/USD.
EUR/USD: Only very poor US data on Friday is likely to change the heavy tone that has persisted for the past couple weeks, and we don't want to be long EURUSD heading into the ECB meeting next week. Keep playing the pair from the short side, planning to add ahead of 1.0900, with a stop above 1.0950.
USD/JPY: All it took was a few better-than-expected US data prints to turn markets around. Stay flexible, as poor data could change the outlook again. We are slightly biased to be long USD.
GBP/USD: We remain GBPUSD sellers around 1.4050, and buyers at 1.3850.
AUD/USD: There is technical resistance ahead between 0.7240 and 0.7260, and a break there should open up a move towards 0.7400. We see a bit more room for this risk rally and would continue to play the pair from the long side.
NZD/USD: There may be a bit of a catch-up for NZDUSD at some point given the moves for USDCAD and AUDUSD, so we would rather buy NZDUSD on dips.
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