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Home » Greenback mostly lower to start the week, the Kiwi may face bearish correction

Greenback mostly lower to start the week, the Kiwi may face bearish correction

The euro struggles to regain the upside momentum, flirting with the 1.13 level

by Joseph Deen
June 8, 2020 11:05
in Technical analysis
0
Euro struggles below three-month highs, yen demand persists

EURUSD
EURUSD registered fresh three-month highs marginally below the 1.14 level on Friday and plunged aggressively. Despite the retreat, the euro finished last week with strong gains. On Monday, the pair struggles to regain the upside momentum, flirting with the 1.13 level, a break above/below which will set further direction for the common currency. The daily RSI turned flat just above the 70 level, pointing to a neutral tone in the overbought territory. On the positive side, the prices remain well above the key moving averages, suggesting downside risks are limited as well as these MAs act as support levels.   

GBPUSD
GBPUSD is marginally lower on the daily timeframes, oscillating around the 200-DMA. Earlier in the day, the pair made some bullish attempts but was once again rejected from the 1.2730 region. On the downside, significant support arrives at 1.2585 where the 100-DMA lies. in the short term, the prices need to hold above the 1.26 handle in order to avoid a deeper retreat. The daily RSI is pointing slightly upwards and remains below the overbought territory, suggesting the cable could regain the upside momentum after the current consolidation with a negative bias. 

USDJPY
USDJPY turned lower on Monday after four days of gains. The pair was rejected from a late-March high of 108.84 late last week and has been struggling to attract bulls since then. Nevertheless, the dollar continues to hold above the 109.00 handle that acts as the key support zone on the way towards the 108.40 region, where the 100- and 200-DMAs converge. At the same time, the daily RSI reversed south following the recent recovery, suggesting USDJPY will likely struggle to regain the upside momentum in the short term. on the four-hour charts, it is important for the greenback to hold above the 20-SMA around 109.15. 

NZDUSD
The Kiwi extends the rally for the sixth day in a row on Monday. Last week, the pair successfully exceeded the 200-DMA and accelerated the rally. Today, the prices climbed to the highest levels since late-January around 0.6540 and remain elevated. As a result, the daily RSI has entered the overbought territory, suggesting the bullish momentum could be exhausted soon. Furthermore, the New Zealand dollar has encountered the 100-SMA on the weekly timeframes that could cap further bullish attempts and trigger a correction amid profit-taking. 

USDCAD
USDCAD remains on the defensive, staying close to three-month lows registered late last week.  Now, when the 200-DMA turned into resistance, downside risks have intensified, and it looks like the pair is ready for a bearish extension despite the daily RSI is signaling the oversold conditions. If the prices fail to firmly regain the 1.34 handle in the near term, the next downside target could be expected at 1.3380. The technical picture is also negative on the weekly timeframes as the USDCAD is nearing a significant 100-SMA that lies around the mentioned bearish target. 

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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