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Home » Greenback mostly lower but the selling pressure is limited

Greenback mostly lower but the selling pressure is limited

The longer the euro stays below 1.09, the higher is the risk of another downside correction

by Joseph Deen
May 13, 2020 11:17
in Technical analysis
0
Euro struggles below three-month highs, yen demand persists

EURUSD
EURUSD is nearly unchanged on the day after the bullish attempts were capped around 1.09 earlier in the day. This level continues to cap the upside potential and remains the key immediate hurdle for bulls. The longer the euro stays below this resistance, the higher is the risk of another downside correction. Besides, there are still three significant barriers on the way north in the form of the key moving averages. In the four-hour timeframes, the RSI reversed south recently, suggesting the selling pressure may resume, and the pair may turn negative on the day. 

GBPUSD
GBPUSD is marginally higher on the daily timeframes, still being capped by the 50-DMA. The pair encountered this local resistance earlier in the day and got back under the 1.23 handle. Furthermore, the pound registered fresh May lows around 1.2250, and it looks like the prices may target 1.22 if the pair fails to get back above the 1.23 level in the near term. in the hourly charts, the technical picture has deteriorated recently, and the cable got back under the 50-SMA, with the RSI is pointing south. In other words, downside risks are rising again after failed bullish attempts. 

USDJPY
USDJPY remains under pressure but is off daily lows registered around 106.75 earlier. The dollar is further clinging to the 107.00 handle, where the 20-DMA lies. in case of a reversal, the pair will retarget the 100- and 200-DMAs. However, the prices first need to make a decisive break above 107.00 on a daily closing basis. On the downside, the mentioned daily low acts as immediate support. Once below, the 106.30 area will come into focus. The daily RSI doesn’t show any clear signals, suggesting USDJPY may spend some time in consolidation mode before decides on a further direction. 

NZDUSD 
The Kiwi briefly dipped under the 50-DMA for the first time since last Friday. Despite the pair bounced and trimmed intraday losses afterward, the technical picture continued to deteriorate. As downside risks persist in the daily charts, the 0.60 figure remains at risk. A daily close below this level, where the mentioned moving average lies, may attract an even more intense selling pressure and push the prices to the 0.5970 region initially. The daily RSI is pointing south slightly and remains in the neutral territory, suggesting the selling pressure may persist in the near term. 

AUDUSD 
AUDUSD has been following the descending 100-DMA since late last week. On Wednesday, the pair is trying to regain the 0.65 handle after two days of losses. However, even a daily close above this level won’t affect the technical picture much, with the bias on the intraday timeframes remaining neutral as long as the pair remains stuck between the 200- and 50-DMAs. Should the Aussie confirm the breakout on a daily closing basis, the next target around 0.6560 will come back into focus. On the downside, the immediate support arrives at 0.6450 and 0.6430. 

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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