Here are today's directional views from the global research desks of Currency Hedger! These are starting points for your own research to identify opportunities that make sense for you. Like what you see? Feel free to forward this to a friend!
EUR/USD USD/JPY GBP/USD EUR/GBP USD/ZAR
Please note that due to market volatility, some of the key levels may have already been reached and scenarios played out.
EUR/USD Intraday: key resistance at 1.1070.
Our preference:short positions below 1.1070 with targets at 1.1035 & 1.1015 in extension.
Alternative scenario:above 1.1070 look for further upside with 1.1085 & 1.1100 as targets.
Comment:as long as the resistance at 1.1070 is not surpassed, the risk of the break below 1.1035 remains high.
USD/JPY Intraday: bullish bias above 109.40.
Our preference:long positions above 109.40 with targets at 109.65 & 109.80 in extension.
Alternative scenario:below 109.40 look for further downside with 109.25 & 109.05 as targets.
Comment:a support base at 109.40 has formed and has allowed for a temporary stabilisation.
GBP/USD Intraday: the upside prevails.
Our preference:long positions above 1.3100 with targets at 1.3135 & 1.3155 in extension.
Alternative scenario:below 1.3100 look for further downside with 1.3085 & 1.3065 as targets.
Comment:the RSI is mixed to bullish.
EUR/GBP Intraday: under pressure.
Our preference:short positions below 0.8440 with targets at 0.8415 & 0.8400 in extension.
Alternative scenario:above 0.8440 look for further upside with 0.8455 & 0.8470 as targets.
Comment:the RSI is mixed to bearish.
USD/ZAR intraday: rebound towards 14.4620
Our pivot point is at 14.2840.
Our preference:rebound towards 14.4620.
Alternative scenario:the downside breakout of 14.2840 would call for 14.2210 and 14.1840.
Comment:the RSI is below its neutrality area at 50. The MACD is negative and above its signal line. The configuration is mixed. Moreover, the pair is trading above its 20 MA (14.3260) but under its 50 MA (14.3761).