Currency Zone 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: under pressure.


Pivot:1.1075


Our preference:short positions below 1.1075 with targets at 1.1060 & 1.1050 in extension.


Alternative scenario:above 1.1075 look for further upside with 1.1085 & 1.1095 as targets.


Comment:as long as the resistance at 1.1075 is not surpassed, the risk of the break below 1.1060 remains high.







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USD/JPY Intraday: key resistance at 108.70.


Pivot:108.70


Our preference:short positions below 108.70 with targets at 108.45 & 108.25 in extension.


Alternative scenario:above 108.70 look for further upside with 108.85 & 109.00 as targets.


Comment:the upward potential is likely to be limited by the resistance at 108.70.







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GBP/USD Intraday: key resistance at 1.2930.


Pivot:1.2930 Our preference:short positions below 1.2930 with targets at 1.2900 & 1.2890 in extension.


Alternative scenario:above 1.2930 look for further upside with 1.2945 & 1.2965 as targets.


Comment:even though a continuation of the technical rebound cannot be ruled out, its extent should be limited.







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EUR/GBP intraday: look for a drop towards 0.8539 before a bounce


Our pivot point is at 0.8539.


Our preference:look for a drop towards 0.8539 before a bounce. Alternative scenario:below 0.8539, expect 0.8506 and 0.8487.


Comment:the RSI is above its neutrality area at 50. The MACD is negative and below its signal line. The penetration of 50 on the RSI would call for further downside. Moreover, the pair is above its 20 and 50 MAs (respectively at 0.8566 and 0.8566).







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USD/ZAR intraday: above its upper Bollinger band


Our pivot point stands at 14.6230. Our preference:our next up target stands at 14.8750.


Alternative scenario:the downside breakout of 14.6230 would call for 14.5350 and 14.4820.


Comment:the RSI is above 50. The MACD is above its signal line and negative. The MACD must break above its zero level to trigger further gains. Moreover, the pair is trading above both its 20 and 50 MAs (respectively at 14.6852 and 14.7025). Finally, the USD/ZAR is trading above its upper Bollinger band (standing at 14.7024).







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