Trade Ideas For EUR/USD, EUR/JPY, AUD/USD, NZD/USD, USD/CAD - UBS
The following are UBS' latest short-term (mostly intraday) trading strategies for EUR/USD, EUR/JPY, AUD/USD, NZD/USD, and USD/CAD.
EUR/USD: is still trading bid, with weak shorts being squeezed out in an increasingly crowded trade ahead of the ECB meeting. We favour selling around 1.10 with a stop above 1.1050, targeting a dip towards 1.0880.
EUR/JPY: With the ECB meeting next week, EURUSD will come under pressure, so we prefer playing EURJPY short against the resistance at 126.00.
AUD/USD: is up nearly 4% this week. Look to take some profit around 0.7400, in order to buy again on a possible correction back towards 0.7250.
NZD/USD: continues to play catch up with the moves for AUDUSD and USDCAD and is testing the upper end of its recent trading range. The break above 0.6780 should open up a move towards 0.6900. We expect 0.6660/80 to hold on the downside.
USD/CAD: We think the risk of a correction is rising, and would therefore look to go short closer to 1.3600 than at current levels.
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