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Todays Daily Fx Technical Analysis




Daily Technical Strategies November 7, 2019


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: capped by a negative trend line.


Pivot:1.1075


Our preference:short positions below 1.1075 with targets at 1.1040 & 1.1025 in extension.


Alternative scenario:above 1.1075 look for further upside with 1.1090 & 1.1110 as targets.


Comment:as long as 1.1075 is resistance, likely decline to 1.1040.







USD/JPY Intraday: under pressure.


Pivot:108.90


Our preference:short positions below 108.90 with targets at 108.55 & 108.40 in extension.


Alternative scenario:above 108.90 look for further upside with 109.05 & 109.25 as targets.


Comment:the break below 108.90 is a negative signal that has opened a path to 108.55.










GBP/USD Intraday: key resistance at 1.2870.


Pivot:1.2870


Our preference:short positions below 1.2870 with targets at 1.2820 & 1.2805 in extension.


Alternative scenario:above 1.2870 look for further upside with 1.2890 & 1.2910 as targets.


Comment:as long as 1.2870 is resistance, look for choppy price action with a bearish bias. The pair is trading in a bearish channel.











EUR/GBP intraday: as long as 0.8585 is support look for 0.8670


Our pivot point stands at 0.8585.


Our preference:as long as 0.8585 is support look for 0.8670.


Alternative scenario:the downside breakout of 0.8585 would call for 0.8553 and 0.8533.


Comment:the RSI is above its neutrality area at 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the pair is trading above both its 20 and 50 MAs (respectively at 0.8611 and 0.8607).











USD/ZAR intraday: the upside prevails as long as 14.7680 is support


Our pivot point stands at 14.7680.


Our preference:the upside prevails as long as 14.7680 is support.



Alternative scenario:the downside breakout of 14.7680 would call for 14.6790 and 14.6260.


Comment:the RSI is above 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the pair is above its 20 and 50 MAs (respectively at 14.8257 and 14.8123).