Here are today's directional views from the global research desks of Currency Hedger Ireland! 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: bullish bias above 1.0970.
Our preference:long positions above 1.0970 with targets at 1.1020 & 1.1040 in extension.
Alternative scenario:below 1.0970 look for further downside with 1.0950 & 1.0930 as targets.
Comment:the RSI shows upside momentum.
USD/JPY Intraday: the downside prevails.
Our preference:short positions below 109.70 with targets at 108.60 & 108.25 in extension.
Alternative scenario:above 109.70 look for further upside with 110.00 & 110.30 as targets.
Comment:the RSI has broken down its 30 level.
GBP/USD Intraday: consolidation.
Our preference:short positions below 1.2900 with targets at 1.2860 & 1.2840 in extension.
Alternative scenario:above 1.2900 look for further upside with 1.2915 & 1.2940 as targets.
Comment:the RSI lacks upward momentum.
EUR/GBP intraday: as long as 0.8511 is support look for 0.8579
Our pivot point is at 0.8511.
Our preference:as long as 0.8511 is support look for 0.8579.
Alternative scenario:below 0.8511, expect 0.8487 and 0.8472.
Comment:the RSI is above its neutrality area at 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the pair is trading above both its 20 and 50 MAs (respectively at 0.8529 and 0.8504).
USD/ZAR intraday: the RSI is overbought
Our pivot point stands at 15.5330.
Our preference:the upside prevails as long as 15.5330 is support.
Alternative scenario:the downside breakout of 15.5330 would call for 15.4600 and 15.4160.
Comment:the RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the pair is above its 20 and 50 MAs (respectively at 15.5007 and 15.4147).