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Dollar mixed at the end of the trading week

May 15, 2020 11:12
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Home » Dollar mixed at the end of the trading week

Dollar mixed at the end of the trading week

The Kiwi once again failed to overcome the 50-DMA and dipped to a three-week low of 0.5944

by Joseph Deen
May 15, 2020 11:12
in Technical analysis
0
Tech analysis

EURUSD
EURUSD found support below 1.08 during recent trading and bounced back aggressively. As a result, the euro turned green on the daily timeframes after two days of losses. Once above the 1.0850 intermediate resistance, the pair will retarget the 1.09 handle that capped the bullish attempts earlier this week. If the current recovery impetus wanes any time soon, the common currency may get back below 1.08. However, the near-term technical picture has improved somewhat following a local breakout witnessed during the European hours. The daily RSI is pointing slightly upwards, suggesting the euro may finish the day in the green. 

GBPUSD
GBPUSD remains under the selling pressure after a short-lived pause seen yesterday. The pair continues to follow the descending 50-DMA, which is a negative signal. It is possible that the selling pressure surrounding the cable will intensify in the near term. Now, sterling registered fresh late-March lows around 1.2150 and bounced marginally on the daily charts. If this level gives up, the 1.21 support will come back into focus. On the upside, the immediate resistance now arrives at 1.2240. Once above this level, the pair may retarget the mentioned 50-daily moving average around 1.2325. 

USDJPY
USDJPY struggles to regain the 107.00 handle and shows a bearish bias on the intraday charts today. The dollar continues to oscillate around the 20-DMA since the start of the week, and it looks like the pair will proceed with its consolidation in the near term while the negative slope will prevail. Meanwhile, there is a long upper wick on the weekly timeframes which is considered a bearish signal, suggesting the prices will likely struggle to regain a sustainable upside momentum, at least in the short term.  For bearish risks to abate, the greenback needs to regain the 200-weekly moving average around 108.50. There is the intermediate resistance at 108.00 on the way toward this level.  

NZDUSD
NZDUSD extends this week’s retreat on Friday. The pair once again failed to overcome the 50-DMA and dipped to a three-week low of 0.5944 in recent trading. The prices have trimmed intraday losses afterwards but still refrains from challenging the 0.60 psychological level.  As long as the Kiwi remains below this barrier, the current dynamics is considered bearish. Of note, the daily RSI is pointing south, suggesting the path of least resistance is to the downside at this stage. If the bearish pressure intensifies in the short term, the 0.59 support zone will come into market focus for the first time since April 23. 

USDCAD
USDCAD is back on the rise after a short-lived retreat witnessed yesterday. The pair received support around 1.4030 and bounced on Friday. However, the dollar failed to make a decisive break above the 1.41 handle and trimmed intraday gains as a result. The short-term technical picture looks neutral at this stage, with the daily RSI remaining directionless. On the upside, the immediate resistance lies around 1.4140, where yesterday’s bullish attempts were capped on Thursday. As long as the prices remain below this level, the recovery potential is still limited. If the downside pressure reemerges any time soon, USDCAD may threaten the 1.40 psychological level. 

Tags: EURUSDGBPUSDNZDUSDUSDCADUSDJPY
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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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