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: consolidation.
Our preference:short positions below 1.1040 with targets at 1.1020 & 1.1010 in extension.
Alternative scenario:above 1.1040 look for further upside with 1.1050 & 1.1060 as targets.
Comment:the RSI lacks upward momentum.
USD/JPY Intraday: key resistance at 109.15.
Our preference:short positions below 109.15 with targets at 108.70 & 108.50 in extension.
Alternative scenario:above 109.15 look for further upside with 109.40 & 109.65 as targets.
Comment:the upward potential is likely to be limited by the resistance at 109.15.
GBP/USD Intraday: under pressure.
Our preference:short positions below 1.3085 with targets at 1.3035 & 1.3010 in extension.
Alternative scenario:above 1.3085 look for further upside with 1.3105 & 1.3130 as targets.
Comment:as long as 1.3085 is resistance, expect a return to 1.3035.
EUR/GBP Intraday: rebound expected.
Our preference:long positions above 0.8420 with targets at 0.8455 & 0.8470 in extension.
Alternative scenario:below 0.8420 look for further downside with 0.8400 & 0.8385 as targets.
Comment:the RSI calls for a rebound.
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).