February 4, 2023

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MUFG trade of the week: Stay long AUD/USD

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Two picks from MUFG Research

Two picks from MUFG Research

AUD/USD is up 41 pips to 0.7748 today. Recently, they suggested buying AUD/USD at 0.7620 with a target at 0.7895 and a stop at 0.7460.

They’re reiterating the trade this week.

“The trade idea has lost some upward momentum over the past week reflecting in part some concern that the COVID surge in India could undermine global recovery optimism. At this stage, we are not overly concerned that it poses significant downside risk for commodity currencies such as AUD,” MUFG writes.

In an EM trade, MUFG recommends staying short USD/CZK from 21.62 with a target of 20.850 and a stop at 22.140.

“We are maintaining a short USD/CZK trade idea to reflect less favorable trading conditions for the USD in the near-term,” MUFG notes.

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