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.
Our preference:short positions below 1.1060 with targets at 1.0980 & 1.0950 in extension.
Alternative scenario:above 1.1060 look for further upside with 1.1105 & 1.1145 as targets.
Comment:the RSI shows downside momentum.
Our preference:long positions above 107.65 with targets at 108.70 & 109.05 in extension.
Alternative scenario:below 107.65 look for further downside with 107.10 & 106.50 as targets.
Comment:the RSI shows upside momentum.
Our preference:short positions below 1.2420 with targets at 1.2275 & 1.2200 in extension.
Alternative scenario:above 1.2420 look for further upside with 1.2480 & 1.2525 as targets.
Comment:as long as 1.2420 is resistance, look for choppy price action with a bearish bias.
EUR/GBP intraday:the upside prevails as long as 0.8887 is support
Our pivot point stands at 0.8887.
Our preference:the upside prevails as long as 0.8887 is support.
Alternative scenario:below 0.8887, expect 0.8834 and 0.8802.
Comment:the RSI is above its neutrality area at 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the pair is above its 20 and 50 MAs (respectively at 0.8916 and 0.8921).
USD/ZAR intraday:under pressure below 18.0410
18.0410 is our pivot point.
Our preference:under pressure below 18.0410.
Alternative scenario:the upside breakout of 18.0410, would call for 18.1900 and 18.2780.
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 trading under both its 20 and 50 MAs (respectively at 17.9277 and 17.9160).