Friday 17 March UOB Daily Forex Trade ideas, as the week ends and the first day of the G20 meeting commences today. after the FED rate rise, there is no clear indication that the GBP and EUR bulls are in control. Expect a short term pullback before resumption of upside? USD bullish?
17 March, AtoZForex – These are UOB daily forex trade ideas for 17 March on the five major pairs; AUDUSD, EURUSD, GBPUSD, NZDUSD and USDJPY.
Summary of 17 March UOB Daily Forex Trade ideas
AUDUSD: Long only above 0.7740 – Neutral bias
No change in view from yesterday, as AUD has to clearly move above the 0.7740 for a clear indication of a bullish direction. Even with a strong rally over the last two days, the break of the 0.7740 may take a further few days.UOB added,
“…AUD is expected to stay supported with solid support at 0.7600.”
EURUSD: Recovery Extension to 1.0825-30 – Neutral bias
EUR progressed higher for the second day running yesterday. The outlook remains the same for this pair, with room for price to move towards the 1.0825-30 level, a strong resistance level. UOB added…
“…. All in, this pair is expected to stay underpinned from here as long as 1.0670 is not taken out. On a shorter-term note, 1.0700 is already a strong support.”
Also see: Daily Free Forex Signals
GBPUSD: Bullish if daily closes above 1.2370 – Neutral bias
Yesterday GBP peaked at a high of 1.2377 just above the 1.250-1.2370 consolidation range. With a strong daily close and continued upward pressure indicates that a daily close above 1.2370 would shift GBP into a possible bullish phase. With intial targets at 1.2500. UOB added….
“…This scenario would not be surprising unless GBP ends below 1.2270 by end of today’s NY session.”
NZDUSD: Can extend to 0.7085 – Neutral bias
The overnight unexpected deep pull-back to 0.6968 was a surprise. For upward pressure to ease NZD has to trade below the 0.6920 level. Expect a possible period of consolidation before a further upward move. UOB added…
“….another push higher even though any up-move is expected to face stiff resistance near 0.7045/50 (high seen two days ago).”
USDJPY: Unlikely to extend lower to 111.65-70 – Neutral bias
USD rebounded after touching a low of 112.89. As it was mentioned yesterday USD pressure is on the downside, 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,
“…..only a move back 114.30 would indicate that the current weakness has stabilized (113.90 is already a stronger shorter-term resistance).”
This concludes the 17 March UOB Daily Forex Trade ideas.
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