Monday 20 March UOB Daily Forex Trade ideas, with Japan on holiday at the start of the week, last week Dutch elections being positive EUR, equities doing well, commodities up, FED a lot more bullish about the economy. G20 meeting drops pledge against protectionism. What can traders expect this week? Trump moves markets today?
20 March, AtoZForex – These are UOB daily forex trade ideas for 20 March on the five major pairs; AUDUSD, EURUSD, GBPUSD, NZDUSD and USDJPY.
Summary of 20 March UOB Daily Forex Trade ideas
AUDUSD: Long only above 0.7740 – Neutral bias (unchanged)
No change in view from yesterday, as AUD has to clearly move above the 0.7740 for a clear indication of a bullish direction. UOB added,
“…This appears to be a likely scenario unless there is a drop back below 0.7630.”
EURUSD: Recovery Extension to 1.0825-30 – Neutral bias (unchanged)
EUR close for the week was slightly weaker, however, the overall underlying sentiment is positive provided the 1.0670 is not taken out. 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…
“…. This level is the year-to-date high and is a solid resistance and is not expected to yield so easily (next resistance is at 1.0870/75).”
Also see: Daily Free Forex Signals
GBPUSD: No update from UOB on this pair
NZDUSD: Can extend to 0.7085 – Neutral bias (unchanged)
The outlook remains unchanged, with NZD expected to move upward towards the 0.7085 level. It is too early to say whether further sustained upward move is likely. Note the next resistance level is at 0.7120. UOB added…
“….Only a move back below 0.6945 would indicate that a short-term top is in place.”
USDJPY: Unlikely to extend lower to 111.65-70 – Neutral bias (unchanged)
The support at 112.70 was taken out easily was a surprise on Friday. USD pressure is on the downside, a price move to the strong support of 111.65-70 seems likely at this stage. There is doubt if this support can be breached. UOB added,
“the downward pressure would continue to grow unless USD can reclaim 113.70 within these few days. ”
This concludes the 20 March UOB Daily Forex Trade ideas.
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