Some trade ideas from 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: We would look to establish fresh shorts around 1.1170-1.1200 with stops above 1.1225, for 1.1100.
- USD/JPY: The pair can't really go much lower with risk trading as it is, so we prefer playing the range; sell at 114.50, with a stop above 115 and buy at 113.50 with a stop below 113. There should be strong resistance at 116.00/25, and as long as the pair remains below there we are biased to the downside.
- AUD/USD: Stick to playing the range. The resistance area from 0.7190 to 0.7250 should hold on the topside and the support area from 0.7080 to 0.7030 should hold on the downside.
- NZD/USD: Look to buy on dips towards 0.6550 with a stop below 0.6500, and fade rallies above 0.6700 with a stop above 0.6775.
- USD/CAD: price action remains tightly correlated to oil. We expect choppy and volatility price action today, and would therefore look to take profit on shorts at current levels ahead of the support at 1.3580-1.3625, in order to start fading rallies above 1.3800, with a stop above this week's high of 1.3925.
It looks like they just missed out on the euro shorts and they might find they'll get into USDJPY as the price drops to near 113.60 as I type. Their range looks solid enough.
I can't find much fault with their aussie, kiwi or loonie summaries either. Some well defined intraday ranges there. Sometimes it's a good exercise to get things like that down on paper or read other people's thoughts as it can help add conviction to our own.
