DAILY TECHNICAL STRATEGIES
July 22, 2019
Here are today’s directional views from the global research desks of Marketsforu! 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: key resistance at 1.1230.
Pivot:
1.1230
Our preference:
short positions below 1.1230 with targets at 1.1200 & 1.1180 in extension.
Alternative scenario:
above 1.1230 look for further upside with 1.1245 & 1.1255 as targets.
Comment:
as long as the resistance at 1.1230 is not surpassed, the risk of the break below 1.1200 remains high.

USD/JPY Intraday: the upside prevails.
Pivot:
107.80
Our preference:
long positions above 107.80 with targets at 108.15 & 108.35 in extension.
Alternative scenario:
below 107.80 look for further downside with 107.65 & 107.50 as targets.
Comment:
the RSI shows upside momentum.

GBP/USD Intraday: key resistance at 1.2520.
Pivot:
1.2520
Our preference:
short positions below 1.2520 with targets at 1.2485 & 1.2460 in extension.
Alternative scenario:
above 1.2520 look for further upside with 1.2540 & 1.2555 as targets.
Comment:
the RSI shows downside momentum.

EUR/GBP intraday: rebound
Our pivot point stands at 0.8944.
Our preference:
rebound.
Alternative scenario:
the downside breakout of 0.8944 would call for 0.8910 and 0.8890.
Comment:
the RSI is above 50. The MACD is negative and above its signal line. The MACD must break above its zero level to trigger further gains. Moreover, the pair stands above its 20 MA (0.8970) but below its 50 MA (0.8974).

USD/ZAR intraday: as long as 13.8690 is support look for 14.0870
Our pivot point is at 13.8690.
Our preference:
as long as 13.8690 is support look for 14.0870.
Alternative scenario:
the downside breakout of 13.8690 would call for 13.7860 and 13.7360.
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 above its 20 and 50 MAs (respectively at 13.9338 and 13.9163).