Mondays 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: bullish bias above 1.1120.


Pivot:1.1120


Our preference:long positions above 1.1120 with targets at 1.1140 & 1.1155 in extension.


Alternative scenario:below 1.1120 look for further downside with 1.1110 & 1.1100 as targets.


Comment:the RSI shows upside momentum.





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USD/JPY Intraday: bullish bias above 109.20.


Pivot:109.20


Our preference:long positions above 109.20 with targets at 109.50 & 109.70 in extension.


Alternative scenario:below 109.20 look for further downside with 109.00 & 108.80 as targets.


Comment:a support base at 109.20 has formed and has allowed for a temporary stabilisation.






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GBP/USD Intraday: the bias remains bullish.


Pivot:1.3320


Our preference:long positions above 1.3320 with targets at 1.3440 & 1.3480 in extension.


Alternative scenario:below 1.3320 look for further downside with 1.3260 & 1.3225 as targets.


Comment:the RSI shows upside momentum.





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EUR/GBP intraday: the RSI is oversold


Our pivot point stands at 0.8339.


Our preference:the downside prevails as long as 0.8339 is resistance.


Alternative scenario:the upside breakout of 0.8339, would call for 0.8370 and 0.8389.


Comment:the RSI is below 30. It could either mean that the pair is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is below its signal line and negative. The configuration is negative. Moreover, the pair is trading under both its 20 and 50 MAs (respectively at 0.8334 and 0.8339). Finally, the EUR/GBP has penetrated its lower Bollinger band (0.8313).






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USD/ZAR intraday: target 14.3520


14.5810 is our pivot point.


Our preference:target 14.3520.


Alternative scenario:the upside breakout of 14.5810, would call for 14.6680 and 14.7200.


Comment:the RSI is below 50. The MACD is positive and below its signal line. The MACD must penetrate its zero line to expect further downside. Moreover, the pair is below its 20 MA (14.5241) but above its 50 MA (14.4870).







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