Currency Zone

EUR/USD Intraday: the bias remains bullish.

Pivot: 1.1410

Our preference: long positions above 1.1410 with targets at 1.1495 & 1.1520 in extension.

Alternative scenario: below 1.1410 look for further downside with 1.1390 & 1.1370 as targets.

Comment: the RSI is bullish and calls for further advance.

 

USD/JPY Intraday: under pressure.

Pivot: 113.50

Our preference: short positions below 113.50 with targets at 112.95 & 112.75 in extension.

Alternative scenario: above 113.50 look for further upside with 113.75 & 114.00 as targets.

Comment: as long as the resistance at 113.50 is not surpassed, the risk of the break below 112.95 remains high.

 

 

GBP/USD Intraday: supported by a rising trend line.

Pivot: 1.3080

Our preference: long @ 1.3126 with targets @ 1.3185 & 1.3230 in extension.

Alternative scenario: below 1.3080 look for further downside with 1.3030 & 1.2970 as targets.

Comment: the RSI shows upside momentum.

 

 

EUR/GBP Intraday: capped by a negative trend line.

Pivot: 0.8735

Our preference: short positions below 0.8735 with targets at 0.8710 & 0.8690 in extension.

Alternative scenario: above 0.8735 look for further upside with 0.8755 & 0.8770 as targets.

Comment: as long as the resistance at 0.8735 is not surpassed, the risk of the break below 0.8710 remains high.

 

 

USD/ZAR intraday: below its lower Bollinger band

Our pivot point stands at 14.1450.

Our preference: the downside prevails as long as 14.1450 is resistance.

Alternative scenario: above 14.1450, look for 14.2660 and 14.3380.

Comment: the RSI is below 30. It could either mean that the pair is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is negative and below its signal line. The configuration is negative. Moreover, the pair is trading under both its 20 and 50 MAs (respectively at 14.1170 and 14.1647). Finally, the USD/ZAR is trading below its lower Bollinger band (standing at 14.0449).