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Home » Greenback mostly lower but trading ranges remain tight

Greenback mostly lower but trading ranges remain tight

NZDUSD registered late-January highs just below the 0.66 barrier and remains modestly positive on the intraday charts

by Joseph Deen
July 9, 2020 09:36
in Technical analysis
0
Euro struggles below three-month highs, yen demand persists

EURUSD 
EURUSD resumes the ascent after a retreat seen earlier in the day. The pair slipped to intraday lows around 1.1315 but bounced afterwards and turned green again. Still, the common currency refrains from retesting the high of 1.1370 reached at the start of the day. The pair needs to overcome this intermediate resistance and confirm the breakout on a daily closing basis in order to target the 1.14 hurdle while the key upside barrier arrives around 1.1420. One month ago, the euro was rejected from this level and retreated below 1.12.  

GBPUSD
GBPUSD has been rallying for the fifth day in a row already. On Thursday, the pair climbed to mid-June highs around 1.2670 and stopped just shy of the 200-DMA that comes in the 1.2690 area. If the pair retains its bullish tone and challenges the 1.27 psychological level, the market focus will shift back to the 1.2750 intermediate resistance. The daily RSI is pointing north and is yet to enter the overbought territory, suggesting further gains could be ahead at least in the short term. In a wider picture, as long as the cable remains above the 1.27 figure, the technical picture stays bullish. Besides, there are significant support levels in the form of the 50- and 100-DMAs around 1.2440-1.2430. 

USDJPY
USDJPY is clinging to the 20-DMA around 107.20 after failed attempts to break above the 100-DMA yesterday. This moving average continues to act as the key short-term resistance level that will likely further cap the dollar’s upside potential in the near term. Once above it, the pair will retarget the 108.00 handle but such a scenario looks unlikely at this stage. On the downside, a break below the 20-DMA could send the prices under the 107.00 level. However, it looks like the greenback will continue its consolidation in the familiar range in the near term before a fresh driver helps USDJPY decide on the further direction. 

NZDUSD 
The Kiwi continues its gradual ascent on Thursday and has already neared the 0.66 handle. The pair registered late-January highs just below this barrier and remains modestly positive on the intraday charts. The daily RSI is trending higher and is about to enter the overbought territory which coupled with the 0.66 psychological resistance could signal the impending bearish correction. A decisive break above this hurdle looks unlikely at this stage, especially as the RSI on the short-term timeframes looks flat and neutral. Furthermore, the New Zealand dollar was rejected from below 0.66 one month ago and shifted into a corrective mode then. 

USDCAD
USDCAD is little changed on Thursday, having settled around the 1.35 figure where the 200-DMA lies. The pair derived support from this moving average during yesterday’s sell-off when the prices dropped abruptly from nearly one-week highs around 1.3625. Despite the selling pressure has eased somehow since then, the dollar struggles to regain the upside momentum and stage a recovery. The daily RSI continues to point slightly downwards, suggesting further losses could be ahead. However, as long as the pair remains above the mentioned moving average, bearish risks are limited. 

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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