Midday Fx Technical Analysis

Please note that due to market volatility, some of the key levels may have already been reached and scenarios played out.

EUR/USD Intraday: the bias remains bullish.

Pivot:1.1145 Our preference:long positions above 1.1145 with targets at 1.1200 & 1.1225 in extension.

Alternative scenario:below 1.1145 look for further downside with 1.1120 & 1.1100 as targets.

Comment:the RSI shows upside momentum.


USD/JPY Intraday: the upside prevails.


Our preference:long positions above 109.30 with targets at 109.95 & 110.25 in extension.

Alternative scenario:below 109.30 look for further downside with 109.00 & 108.80 as targets.

Comment:the RSI shows upside momentum.


GBP/USD Intraday: the upside prevails.


Our preference:long positions above 1.3360 with targets at 1.3445 & 1.3515 in extension.

Alternative scenario:below 1.3360 look for further downside with 1.3300 & 1.3225 as targets.

Comment:the RSI lacks downward momentum.


EUR/GBP intraday: rebound

0.8324 is our pivot point.

Our preference:rebound.

Alternative scenario:the downside breakout of 0.8324 would call for 0.8292 and 0.8274.

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 trigger further gains. Moreover, the pair stands above its 20 MA (0.8317) but below its 50 MA (0.8379).


USD/ZAR intraday: the RSI is oversold

Our pivot point stands at 14.4730.

Our preference:the downside prevails as long as 14.4730 is resistance.

Alternative scenario:the upside breakout of 14.4730, would call for 14.5600 and 14.6110.

Comment:the RSI is trading below 30. This could mean that either the pair is in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). The MACD is negative and below its signal line. The configuration is negative. Moreover, the pair stands below its 20 and 50 MAs (respectively at 14.4369 and 14.5073).


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