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 1.0800.
Our preference:short positions below 1.0800 with targets at 1.0780 & 1.0770 in extension.
Alternative scenario:above 1.0800 look for further upside with 1.0810 & 1.0820 as targets.
Comment:as long as the resistance at 1.0800 is not surpassed, the risk of the break below 1.0780 remains high.
USD/JPY Intraday: the bias remains bullish.
Our preference:long positions above 111.75 with targets at 112.20 & 112.40 in extension.
Alternative scenario:below 111.75 look for further downside with 111.55 & 111.35 as targets.
Comment:even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
GBP/USD Intraday: the upside prevails.
Our preference:long positions above 1.2870 with targets at 1.2905 & 1.2930 in extension.
Alternative scenario:below 1.2870 look for further downside with 1.2845 & 1.2820 as targets.
Comment:the RSI shows upside momentum.
EUR/GBP intraday: the downside prevails as long as 0.8389 is resistance
Our pivot point stands at 0.8389.
Our preference:the downside prevails as long as 0.8389 is resistance.
Alternative scenario:the upside breakout of 0.8389, would call for 0.8413 and 0.8427. 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 0.8373 and 0.8376).
USD/ZAR intraday: as long as 15.0390 is support look for 15.2430
15.0390 is our pivot point.
Our preference:as long as 15.0390 is support look for 15.2430.
Alternative scenario:below 15.0390, expect 14.9680 and 14.9270.
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 above its 20 and 50 MAs (respectively at 15.1086 and 15.1016).