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!
Please note that due to market volatility, some of the key levels may have already been reached and scenarios played out.
EUR/USD Intraday: key resistance at 1.1090.
Our preference:short positions below 1.1090 with targets at 1.1060 & 1.1045 in extension.
Alternative scenario:above 1.1090 look for further upside with 1.1100 & 1.1110 as targets.
Comment:as long as the resistance at 1.1090 is not surpassed, the risk of the break below 1.1060 remains high.
USD/JPY Intraday: the bias remains bullish.
Pivot:108.90 Our preference:long positions above 108.90 with targets at 109.25 & 109.40 in extension.
Alternative scenario:below 108.90 look for further downside with 108.75 & 108.60 as targets.
Comment:even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
GBP/USD Intraday: consolidation.
Our preference:short positions below 1.2900 with targets at 1.2860 & 1.2840 in extension.
Alternative scenario:above 1.2900 look for further upside with 1.2920 & 1.2940 as targets.
Comment:the RSI lacks upward momentum.
EUR/GBP intraday: rebound towards 0.8655
0.8570 is our pivot point.
Our preference:rebound towards 0.8655.
Alternative scenario:the downside breakout of 0.8570 would call for 0.8538 and 0.8518.
Comment:the RSI is below 50. The MACD is above its signal line and negative. The configuration is mixed. Moreover, the pair stands below its 20 and 50 MAs (respectively at 0.8597 and 0.8609).
USD/ZAR intraday: as long as 14.8220 is resistance look for 14.5870
Our pivot point is at 14.8220.
Our preference:as long as 14.8220 is resistance look for 14.5870. Alternative scenario:above 14.8220, look for 14.9110 and 14.9630.
Comment:the RSI is above 50. The MACD is negative and below its signal line. The penetration of 50 on the RSI should trigger further losses. Moreover, the pair is trading above its 20 MA (14.7496) but under its 50 MA (14.7523).