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A slow start to the week in FX markets

A slow start to the week in FX markets

August 17, 2020 09:58
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Home » A slow start to the week in FX markets

A slow start to the week in FX markets

by Joseph Deen
August 17, 2020 09:58
in Technical analysis
0
A slow start to the week in FX markets

The euro climbed to a more than one-week high of 1.1867 earlier in the day but failed to cling to gains


EURUSD
EURUSD has been consolidating within a tightening parallel channel On Monday following three days of gains seen in the second half of last week. Despite the recent bullish bias, the common currency struggles to stage a sustainable ascent as the selling pressure surrounding the greenback has eased somehow recently. The pair climbed to a more than one-week high of 1.1867 earlier in the day but failed to cling to gains and extend a local ascent amid thin Monday trading and a lack of drivers. As a result, the common currency has settled around the opening levels. On the other hand, the pair is holding above the 1.18 handle, suggesting the bearish pressure is limited as well. In the short-term, the euro will likely continue to oscillate around the 1.1850 zone, with upside risks persisting after the prices managed to hold above 1.17 during the correction seen last week. 


GBPUSD
GBPUSD turned slightly lower on the day in recent trading following another rejection from the levels above 1.31. As a result, the cable dipped to the 1.3070 region, and it looks like the pair will struggle to firmly regain the mentioned barrier any time soon. Interestingly, the pound derived support from the 100-SMA on the hourly timeframes and managed to trim intraday losses. If the pressure persists in the short term, this moving average could cap the potential decline and send the prices above 1.31 eventually. However, considering broad-based thin trading conditions, a decisive break above this level looks unlikely on a daily closing basis. The daily RSI is flat below the 70 handle, suggesting some short-term consolidation could be ahead. 


USDJPY
USDJPY remains on the defensive today after a dip witnessed on Friday. The pair retreated to the 106.30 area, extending the retreat from the 107.00 barrier reinforced by the 100-DMA around 107.20. Now, as the downside pressure has intensified, the next support in the form of the 20-DMA comes into market focus. Once below this moving average that arrives around 106.00, the dollar could see a more aggressive selling pressure that could pave the way to 105.25. On the upside, the 107.00 figure remains in focus for bulls, and a break above the 100-DMA would signal the easing selling pressure surrounding the greenback. On the four-hour charts, the technical picture has deteriorated recently, as the prices dipped under the 200-SMA.   


XAUUSD 
XAUUSD is marginally higher on the day and recouped losses witnessed last Friday. The precious metal managed to hold above the $1,930 area at the start of the day and attracted some demand but the recovery momentum looks limited in the short term. In a wider picture, the bullion remains within a strong bullish trend and could target fresh all-time highs after the current consolidative correction. On the four-hour charts, XAUUSD is now stuck between the 100- and 200-SMAs, clinging to the higher end of the range. A break above this moving average in the $1,970 area could open the way towards the $2,000 psychological level. 


NZDUSD

The Kiwi has been losing ground for the sixth day in a row on Monday. The pair is now nearing the 0.65 handle, after a break below the 50-DMA that had been acting as support until recently. Should the 0.6520 area fail to withstand the selling pressure, the prices will likely extend the retreat. The daily RSI is pointing downwards in the neutral territory, suggesting the NZDUSD pair could see further losses in the short term. In a wider picture, the technical outlook in the weekly timeframes continues to deteriorate, with the Kiwi has been nursing losses for a third week in a row already. 

Tags: EURUSDGBPUSDNZDUSDUSDJPY
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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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