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Home » AUDUSD refreshed May highs but the impetus has waned

AUDUSD refreshed May highs but the impetus has waned

EURUSD struggles to regain the upside momentum after a short-lived bounce from lows

by Joseph Deen
May 8, 2020 12:37
in Technical analysis
0
Euro struggles below three-month highs, yen demand persists

EURUSD

EURUSD has settled above the 1.08 figure on Friday, struggling to regain the upside momentum after a short-lived bounce from lows witnessed yesterday. On the upside, bullish attempts were capped by the 1.0855 intermediate resistance, a decisive break above which is needed for a surge above 1.09. As of writing, the common currency was little changed on the daily basis at 1.0830. The daily RSI looks neutral as well as the key moving averages, suggesting the consolidation will continue in the near term. On the downside, the initial support now arrives at 1.08. A break below this level will clear a path to 1.0780 and 1.0760. 

GBPUSD

GBPUSD is flat on the daily timeframes, having settled in a very tight range on Friday. The pair continues to flirt with the 50-DMA that turned into resistance this week. In a wider picture, the prices will meet upside barriers in the form of the 100- and 200-DMAs should the cable regain the bullish momentum in the days to come. In the near term, GBPUSD needs to gold above the 1.2350 level so that to avoid a deeper retreat below 1.23. The RSI in the short-term timeframes is pointing south, suggesting the selling pressure could reemerge by the end of the day.

USDJPY

USDJPY derived support from the 106.00 level on Thursday and regained the upside bias at the end of the trading week. The pair climbed to the 106.70 region, a break above which will send the prices to the next local resistance in the form of the 20-DMA marginally above the 107.00 handle. The greenback needs to make a decisive break above this level in order to retarget the 200- and 100-DMAs at 108.20 and 108.60, respectively. In case of rejection from the current levels, the pair may threaten the 106.00 area again.  

AUDUSD

AUDUSD has been showing signs of a waning bullish momentum following the rally witnessed on Thursday. The pair climbed fresh May highs around 0.6550 but was rejected from local tops and has settled around 0.65 since then. If this level holds, the Aussie could make another upside attempt in the short term. Otherwise, traders may intensify profit-taking and send the prices below 0.64. Meaningful support arrives at 0.6280, where the 50-DMA lies. of note, a break above the mentioned highs, coinciding with the 100-DMA, may give a decent boost to the Australian currency. In this scenario, the pair will target the 200-DMA around 0.6670 in the medium term.  

EURJPY

EURJPY keeps up the positive momentum since yesterday. The cross extended gains to the 115.60 region and has retreated partially since then. Should the pair fail to hold above 115.40, it may witness a deeper pullback and get back below 115.00 in the near term. However, the daily RSI continues to point upwards, suggesting the selling pressure will be limited at this stage. On the upside, the euro needs to exceed the mentioned highs in order to regain the 116.00 handle. despite the recent rally, the cross remains deeply in red on the weekly timeframes. 

Tags: AUDUSDEURJPYEURUSDGBPUSDUSDJPY
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Joseph Deen

Joseph Deen

Joseph is a technical analysis expert. A graduate of NYU, Joseph has a master's degree in mathematics. On FWNews, Joseph provides exchange rates reviews and forecasts.

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