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: the downside prevails.
Our preference:short positions below 1.0855 with targets at 1.0825 & 1.0815 in extension.
Alternative scenario:above 1.0855 look for further upside with 1.0875 & 1.0890 as targets.
Comment:the RSI is mixed to bearish.
USD/JPY Intraday: key resistance at 109.90.
Our preference:short positions below 109.90 with targets at 109.70 & 109.60 in extension.
Alternative scenario:above 109.90 look for further upside with 110.00 & 110.10 as targets.
Comment:the upward potential is likely to be limited by the resistance at 109.90.
GBP/USD Intraday: bullish bias above 1.3015.
Our preference:long positions above 1.3015 with targets at 1.3070 & 1.3100 in extension.
Alternative scenario:below 1.3015 look for further downside with 1.2990 & 1.2965 as targets.
Comment:the RSI shows upside momentum.
EUR/GBP intraday: rebound towards 0.8345
0.8286 is our pivot point.
Our preference:rebound towards 0.8345.
Alternative scenario:below 0.8286, expect 0.8264 and 0.8252.
Comment:the RSI is below its neutrality area at 50. The MACD is above its signal line and negative. The configuration is mixed. Moreover, the pair is trading under both its 20 and 50 MAs (respectively at 0.8307 and 0.8340).
USD/ZAR intraday: under pressure below 14.9740
14.9740 is our pivot point.
Our preference:under pressure below 14.9740.
Alternative scenario:the upside breakout of 14.9740, would call for 15.0460 and 15.0890.
Comment:the RSI is below 50. The MACD is below its signal line and positive. 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 14.9297 and 14.9067).