Trade Ideas For EUR/USD, USD/JPY, AUD/USD, NZD/USD, USD/CAD - UBS
The following are UBS' latest short-term (mostly intraday) trading strategies for EUR/USD, USD/JPY, AUD/USD, NZD/USD, and USD/CAD.
EUR/USD: continues to trade in its recent range, with good support coming in around 1.1000 and offers expected closer to 1.1300. We expect the heavy tone from last week to persist, and would look to play the pair from the short side. Plan to sell ahead of today's Asia high, adding at 1.1150, with a stop at 1.1185.
USD/JPY: Risk is trading better today and we expect the pair to trade within its recent range. Look to buy USDJPY ahead of 112.47, with a stop at 112.30.
AUD/USD: The pair continues to trade within its recent range, just below the resistance at 0.7200-0.7250. We prefer buying on dips and expect 0.7050-0.7110 to hold on the downside. The risk of a break out on the topside is rising.
NZD/USD: The 0.6550-0.6570 area held three times last week, and the pair is testing the resistance at 0.6680, which has also capped the pair three times. Look to buy on dips, targeting a test of the year's high at 0.6750.
USD/CAD: Fading rallies worked well last week, and highs in the pair continue to edge lower. USDCAD ran out of momentum ahead of 1.3850 on Friday. We expect choppy trading to continue and for the correlation with oil to remain intact. Stick to shorts, targeting a test of 1.3650/1.3625. A break here would open up a move down to 1.3500. Trail a stop lower, to just above Friday's high of 1.3860.
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