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16 March UOB Daily Forex Trade ideas - Further downside USD pressure?
16/03/2017
16 March UOB Daily Forex Trade ideas – Further downside USD pressure?

Thursday 16 March UOB Daily Forex Trade ideasafter the FED rate rise, are the markets bearish on US Dollar? Is there sufficient momentum to drive the greenback further downwards? Will the GBP and EUR bulls take control?

16 March, AtoZForex –  These are UOB forex trade ideas for 16 March on the five major pairs; AUDUSD, EURUSD,  GBPUSD, NZDUSD and USDJPY.

Summary of 16 March UOB Daily Forex Trade ideas

AUDUSD: Long only above 0.7740 –  Neutral bias 
Yesterday’s AUD rally has focused bias on the upside. AUD has to clearly move above the 0.7740 for a clear indication of a bullish direction. UOB added,

“…AUD is expected to stay underpinned in the coming days with solid support at 0.7600. On a shorter-term note, 0.7650 is already a strong level.

EURUSD:  Recovery Extension to 1.0825-30 – Neutral bias
The pressure on EUR has moved towards the upside after yesterday’s unexpected sharpish move to the upside following the previous two days of downward move. There is room for price to move towards the 1.0825-30 level, with odds for a break higher low at this stage. above  UOB added…

“…Support is at 1.0670 but only a move back below 1.0630 would indicate that the immediate upward pressure has eased.

Also see: Daily Free Forex Signals

GBPUSD: Near high of range 1.2150-1.2370 – Neutral bias
Yesterday GBP peaked at a high of 1.2308just above the 1.2100-1.2300 consolidation range. It is early to say if GBP has momentum to continue further upwards, even after a strong end of day close. UOB added….

… the current up move has room to extend higher but at this stage, we view any GBP strength as part of a 1.2150/1.2370 consolidation range (higher than the 1.2100/1.2300 expected previously).

NZDUSD: Can extend to 0.7085 – Neutral bias 
As previously indicated, NZD is trying to form a base for a strong recovery, the unexpected move higher was a surprise. There current recovery is seen to be incomplete, with possible price move towards 0.7085 level. UOB added…

“….Only a move back below 0.6920 would indicate that the immediate upward pressure has eased.  

USDJPY: Unlikely to extend lower to 111.65-70 – Neutral bias 
Yesterday USD declined sharply with strong momentum. However,  a price move to the low of 111.65-70 seems unlikely at this stage, with a minor support at 112.70 level. UOB added,

…..downward pressure is expected to continue to grow unless USD can reclaim 114.30 in the next few days.

This concludes the 16 March 2017 UOB Daily Forex Trade ideas.

Think we missed something? Let us know in the comments section below

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