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?
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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: further advance.
Our preference:long positions above 1.1065 with targets at 1.1150 & 1.1175 in extension.
Alternative scenario:below 1.1065 look for further downside with 1.1035 & 1.1010 as targets.
Comment:the RSI shows upside momentum.
USD/JPY Intraday: under pressure.
Our preference:short positions below 108.05 with targets at 107.35 & 107.00 in extension.
Alternative scenario:above 108.05 look for further upside with 108.50 & 108.80 as targets.
Comment:the RSI shows downside momentum.
GBP/USD Intraday: under pressure.
Our preference:short positions below 1.2820 with targets at 1.2725 & 1.2700 in extension.
Alternative scenario:above 1.2820 look for further upside with 1.2860 & 1.2890 as targets.
Comment:the RSI is mixed to bearish.
📷 EUR/GBP intraday: the RSI is overbought
Our pivot point stands at 0.8673.
Our preference:the upside prevails as long as 0.8673 is support.
Alternative scenario:below 0.8673, expect 0.8648 and 0.8633.
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 0.8641 and 0.8619).
USD/ZAR intraday: our next up target stands at 15.8150
Our pivot point stands at 15.5840.
Our preference:our next up target stands at 15.8150.
Alternative scenario:below 15.5840, expect 15.5070 and 15.4610.
Comment:the RSI is above its neutrality area at 50. The MACD is negative and above its signal line. The MACD must break above its zero level to call for further upside. Moreover, the pair is trading above both its 20 and 50 MAs (respectively at 15.6041 and 15.6548).