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Home » Greenback mostly lower to start the week

Greenback mostly lower to start the week

NZDUSD dipped to fresh early-June lows around 0.6380 earlier in the day and bounced aggressively afterwards

by Joseph Deen
June 22, 2020 09:24
in Technical analysis
0
Euro struggles below three-month highs, yen demand persists

EURUSD
EURUSD climbed back above the 1.12 handle that remains in market focus these days. Last week, the common currency suffered decent losses, and the current recovery attempts are looking indecisive so far to bet on further gains in the short term. The immediate resistance arrives around 1.1230 while on the downside, the daily lows arrive at 1.1170. On the four-hour charts, the technical picture is improving but the upside bias is still too modest to bet on a more sustainable rebound to the 1.1250 region where the 100-SMA arrives. 

GBPUSD
GBPUSD plunged to June 1 lows around 1.2335 at the start of the day but managed to stage a strong bounce and entered the positive territory. Since then, the pair has settled around the 1.24 handle after an earlier rejection from the 50-DMA. The pound needs to make this moving average into support so that to challenge the 100-DMA around 1.25 later. This level is the key short-term barrier for bulls, and as long as the prices stay below it, downside risks will likely persist. On the four-hour timeframes, cable is changing hands around the 200-SMA, with the RSI struggling for direction, suggesting there could be some consolidation ahead in the near term. 

USDJPY
USDJPY is little changed on Monday, showing a modest bullish on the intraday timeframes. The pair was trending marginally lower last week and could struggle to stage a sustainable recovery in the days to come, especially as the key moving averages continue to act as resistance levels for the greenback. The immediate upside barrier comes around 107.00. A decisive break above this level could send the dollar to the 107.40 intermediate resistance. However, at this stage, it looks like that the path of least resistance is to the downside.  

NZDUSD
NZDUSD dipped to fresh early-June lows around 0.6380 earlier in the day and bounced aggressively afterwards. The Kiwi climbed above 0.6460 and remains on the offensive, suggesting the 0.65 handle may come back into market focus if the pair manages to cling to the current levels in the short term. In a wider picture, the prices remain well above the key moving averages that act as support levels. Still, the bullish potential is limited as long as the New Zealand dollar stays below the 0.65 handle. Positive bias in the daily RSI is suggesting the pair could retain the upside impetus and challenge the mentioned local highs. 

USDCHF
USDCHF was rejected from local highs around 0.9530 on Friday and turned negative on Monday following two days of gains. The pair has settled around the 0.95 handle and could regain the upside momentum in the near term if this level acts as support. The daily RSI is neutral, suggesting the greenback may spend some time in a consolidation phase before it decides on further direction. On the four-hour timeframes, the pair derives support from the 50-SMA while the RSI is pointing slightly upwards. As such, further downside potential could be limited in the short term. Still, the prices need to make a decisive break above the 0.95 figure to regain the upside impetus. 

Tags: EURUSDGBPUSDNZDUSDUSDCHFUSDJPY
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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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