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!
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 1.1030.
Our preference:short positions below 1.1030 with targets at 1.1010 & 1.1000 in extension.
Alternative scenario:above 1.1030 look for further upside with 1.1040 & 1.1055 as targets.
Comment:as long as the resistance at 1.1030 is not surpassed, the risk of the break below 1.1010 remains high.
USD/JPY Intraday: key resistance at 109.15.
Our preference:short positions below 109.15 with targets at 108.80 & 108.70 in extension.
Alternative scenario:above 109.15 look for further upside with 109.30 & 109.45 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 1.3075 with targets at 1.3040 & 1.3025 in extension.
Alternative scenario:above 1.3075 look for further upside with 1.3095 & 1.3115 as targets.
Comment:as long as 1.3075 is resistance, look for choppy price action with a bearish bias.
EUR/GBP Intraday: bullish bias above 0.8420.
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 0.8405 & 0.8385 as targets.
Comment:the RSI is mixed to bullish.
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).