UBS. Short-term trading strategies
Short-term trading strategies from UBS currency strategists.
The euro / dollar. Yesterday the pair broke through 1.3296 November at least, having designated as a new target in September for at least 1.3105. We continue to keep an open short positions in the euro / dollar. We have increased their volume by adding the sale at 1.3275 / 80 with tight stop just above 1.3300 for this position. In recent days we have seen quite a bit of profit-taking on short positions, but this had a limited impact on the development of a downward trend.
GBP / USD. The fall of the sterling price markedly closer to the April lows, if we take into account the strength of the US dollar during the Asian session. Minute of the Bank of England showed some surprising differences of opinion regarding the future of interest rates. Known in the Committee on monetary "hawks" policy - Sir Wil and McCafferty, voted for an immediate increase in the level of rates. However, the hawkish FOMC notes and the result of Bernanke speech at Dzhekson Houl should retain the pound under pressure against the dollar.
AUD / USD. Looking at the dynamics of this pair, we can say that market participants prefer to realize the power of the US currency in the other instruments. This is due to the fear of seasonal corporate demand for Australian assets. However, we prefer to remain in short positions in that currency pair and sell on trying to growth, targeting 0.9200 and stop above 0.9360.
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