MUFG added a long EUR/USD position to its ToTW portfolio (spot ref: 1.0920), with a target at 1.1320, and a stop at 1.0620.
“We are recommending a new long EUR/USD trade idea. The pair has regained upward momentum over the past week and we see room for the rebound to extend further to a new year to date highs above the April high at just below the 1.1100-level,” MUFG notes.
MUFG also maintains a long AUD/NZD position targeting a move towards 1.1200, with a stop at 1.0700.
“We are maintaining our long AUD/NZD trade idea to reflect expectations for narrowing policy divergence in the near-term between the RBA and RBNZ,” MUFG adds.
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