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Home » Dollar turns lower but the bearish impetus looks limited

Dollar turns lower but the bearish impetus looks limited

In a wider picture, the EURUSD pair stays in a consolidative mode despite the current bullish bias

by Joseph Deen
May 18, 2020 09:56
in Technical analysis
0
Euro struggles below three-month highs, yen demand persists

EURUSD
EURUSD turned green on the day but faced resistance around 1.0850 again. The bullish potential remains limited at this stage, and downside risks persist as long as the common currency stays at least below the 1.09 handle where the 50-DMA lies. On the downside, the pair needs to hold above the 1.08 handle in order to avoid another sell-off in the near term. once below, the prices will retarget the 1.0770 region. At this stage, it looks like the euro may continue its bullish attempts but in a wider picture, the pair stays in a consolidative mode. 

GBPUSD
GBPUSD plunged to late-March lows around 1.2070 earlier in the day but bounced quickly and climbed back above the 1.21 handle. The pair extended the recovery to the 1.2170 region where it has encountered local resistance. Despite the recent bounce, the cable is yet to regain the ground lost last Friday as the sell-off was quite aggressive. As a result of the recovery, the daily RSI reversed higher and continues to point upwards, suggesting the pound may attack the above-mentioned intraday highs and this regain the 1.22 figure. On the hourly timeframes, the technical picture looks fairly positive but the prices are yet to confirm a recovery above the 50-SMA. 

USDJPY
USDJPY received support around the 20-DMA earlier in the day and turned slightly positive. The pair climbed to the 107.40 area that acts as the intermediate resistance now. If the dollar fails to overcome this level any time soon, the selling pressure may reemerge and take the prices back below the 107.00 level, where the mentioned 20-DMA lies. in a wider picture, the greenback remains stuck between the moving averages, and the upside potential is limited as long as the prices stay below the 200-DMA around 108.20. On the downside, a break below 107.00 will reopen the wat towards the 106.70 next support zone.  

EURJPY
The cross rallied strongly on Monday after a break above 116.00. The pair registered nearly one-week highs around 116.50 and remains elevated. Despite the recent bounce, the euro is yet to regain further ground to exit the bearish territory. A daily close above the local highs will signal some improvement in the short-term technical outlook. If so, the euro may target the 116.85 barrier, from where the prices were rejected last week. The next resistance comes in the form of the 50-DMA around 117.40. The daily RSI is pointing slightly higher but the bias is not strong enough to bet on decisive gains in the near term. 

NZDUSD
The Kiwi bounced back from the 0.5920 area and recouped Friday’s losses today. The pair climbed back to the 0.60 figure where the 50-DMA acts as the immediate resistance. If the New Zealand dollar fails to make a decisive break above this level, the next target 0.6080 will come back into market focus. The daily RSI reversed north as a result of the recent bounce, suggesting further gains may lie ahead. However, the pair may lack the bullish momentum at this stage to challenge the mentioned moving average. In this scenario, the prices could retreat to the 0.5960, or lower. 

Tags: EURJPYEURUSDGBPUSDNZDUSDUSDJPY
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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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