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Home » Dollar demand picked up at the start of the week

Dollar demand picked up at the start of the week

It looks like the path of least resistance for the common currency is to the downside

by Joseph Deen
May 11, 2020 04:28
in Technical analysis
0
Euro struggles below three-month highs, yen demand persists

EURUSD
EURUSD is little changed in European trade after failed attempts to overcome the 1.0850 local resistance earlier in the day. The pair has settled around the flat line, having received support around 1.08. if the euro struggles to hold above this level, local lows in the 1.0760 area will come into focus again. For now, it looks like the path of least resistance for the common currency is to the downside. Once above 0.09, the short-term technical picture will improve, and the three moving averages will come back into bulls’ focus. The daily RSI is pointing slightly downwards, suggesting the prices may dip under 1.08 before buyers will reemerge.  

GBPUSD
GBPUSD is back under pressure after two days of gains. The pair failed to cling to the 50-DMA around 1.2380 and is now threatening the 1.23 handle. Once below this level, the cable may revisit local lows below 1.2250 if dollar demand persists in the near term. On the upside, the sterling needs to make a clear break above the mentioned moving average in order to retarget the 1.25 barrier. On the four-hour timeframes, the technical picture has deteriorated after a dip below the key moving averages, with the RSI pointing south, suggesting the prices may get under 1.23 by the end of the day. 

USDJPY
USDJPY has accelerated the recovery on Monday. The pair is now challenging the 20-DMA for the first time in nearly three weeks. A daily close above this moving average will mark an important local breakout that may lead to further gains in the near term. should the dollar confirm the 107.00 level as a support zone, the prices may eventually retarget the 200-DMA at 108.20. On the downside, the immediate support now arrives at 107.00. On the weekly timeframes, the prices remain below the significant moving averages, suggesting downside risks are still there. 

NZDUSD
NZDUSD turned negative after two days of gains on Monday. Despite the decline, the pair remains above the 50-DMA that acts as an important support area. As long as the Kiwi stays above this level, downside risks look limited. On the upside, the prices need to climb back above the 0.61 figure so that to challenge the 0.6150 local resistance again. The daily RSI reversed sough, suggesting the Kiwi may challenge the mentioned moving average before buyers reenter the game. In a wider picture, NZDUSD needs to make a decisive break above 0.62 in order to shrug off the local selling pressure.  

AUDUSD
The Aussie failed to confirm a break above the 100-DMA and was rejected from fresh May highs around 0.6560 registered earlier in the day. As a result of a downside correction, the pair dipped under the 0.65 figure and has settled around 0.6470 in recent trade. As a result, the daily RSI reversed lower and pointing clearly to the downside, suggesting the bearish momentum will persist in the near term. Should AUDUSD regain the upside momentum any time soon, the mentioned moving average will come back into market focus. 

Tags: AUDUSDEURUSDGBPUSDNZDUSDUSDJPY
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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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