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 1.0965.
Our preference:short positions below 1.0965 with targets at 1.0940 & 1.0930 in extension.
Alternative scenario:above 1.0965 look for further upside with 1.0975 & 1.0985 as targets.
Comment:as long as the resistance at 1.0965 is not surpassed, the risk of the break below 1.0940 remains high.
USD/JPY Intraday: intraday support around 109.55.
Our preference:long positions above 109.55 with targets at 110.00 & 110.15 in extension.
Alternative scenario:below 109.55 look for further downside with 109.30 & 109.10 as targets.
Comment:a support base at 109.55 has formed and has allowed for a temporary stabilisation.
GBP/USD Intraday: under pressure.
Our preference:short positions below 1.2920 with targets at 1.2875 & 1.2845 in extension.
Alternative scenario:above 1.2920 look for further upside with 1.2955 & 1.2980 as targets.
Comment:as long as 1.2920 is resistance, look for choppy price action with a bearish bias.
EUR/GBP intraday: as long as 0.8469 is support look for 0.8532
Our pivot point stands at 0.8469.
Our preference:as long as 0.8469 is support look for 0.8532.
Alternative scenario:below 0.8469, expect 0.8446 and 0.8432.
Comment:the RSI is above its neutrality area at 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the pair is below its 20 MA (0.8492) but above its 50 MA (0.8483).
USD/ZAR intraday: below its lower Bollinger band
Our pivot point stands at 15.0740.
Our preference:the downside prevails as long as 15.0740 is resistance.
Alternative scenario:the upside breakout of 15.0740, would call for 15.1440 and 15.1860.
Comment:the RSI is below its neutrality area at 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the pair stands below its 20 and 50 MAs (respectively at 15.0543 and 15.0259). Finally, the USD/ZAR has penetrated its lower Bollinger band (15.0106).