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Home » Upbeat housing data fails to inspire USD bulls

Upbeat housing data fails to inspire USD bulls

by Joseph Deen
August 18, 2020 10:35
in Technical analysis
0
A slow start to the week in FX markets

The greenback remained depressed even as the US housing starts and building permits rose sharply in July


EURUSD 
EURUSD exceeded the 1.1915 area after some consolidation and rose to fresh two-year highs around 1.1945. The pair has been climbing for the fifth day in a row already, staying within a strong bullish trend amid broad-based weakness in the dollar. It looks like the common currency will extend the ascent further in the short- and medium-term, with the 1.20 psychological handle coming into market focus now. In case of a local bearish correction amid the overbought conditions, the euro will likely stay above the 1.17 support zone. The daily RSI is pointing upwards in the overbought territory, suggesting further rally could be more muted. As of writing, EURUSD was changing hands at 1.1939, up 0.59% on the day.  
The dollar failed to capitalize on strong economic data out of the United States. Housing starts surged by 22.6% last month following June’s increase of 17.5% while building permits rose by 18.8% in the same period after advancing by 3.5% in the previous month. In part, USD demand is capped by positive risk sentiment in the global financial markets. 


GBPUSD 
The pound accelerated the rally on a break above the 1.3140 intermediate resistance and extended gains to fresh March highs just below the 1.32 handle, clinging to the upper end of the trading range. The USD index plunged to fresh 2020 lows around 92.30 and could threaten the 92.00 figure if the pressure persists in the short term. As a result, the cable received a fresh boost and jumped to fresh multi-week tops in recent trading. After the breakout, the daily RSI exceeded the 70 handle and entered the overbought territory, which implies that a short-term retreat could be ahead before another bull run takes place. In this scenario, the key support is expected at 1.3140, followed by the 1.31 figure. 


USDJPY 
USDJPY came under more severe selling pressure after the 20-DMA turned back into resistance. The pair dipped to more than two-week lows around 105.35 and pared some losses in recent trading. The daily RSI is pointing south while staying in the neutral territory, suggesting the downside pressure could persist at least in the near term. On the other hand, the fact that risk sentiment looks broadly positive, the safe-haven yen demand is limited, so the pair may refrain from deeper losses and stay above the 105.00 level.


USDCHF 
The pair plunged to early-2015 lows on Tuesday, in line with broad-based selling pressure surrounding the dollar. The greenback was changing hands around 0.9015 as of writing, thus threatening the 0.90 handle. Both in the short-term and intraday charts, the RSI has entered the oversold territory in recent trading, suggesting the 0.90 figure could withstand the pressure. Otherwise, USDCHF could accelerate the bearish trend and challenge fresh multi-year lows in the days to come. The technical picture in the long-term timeframes looks bearish as well. 


AUDUSD
The Aussie rose to early-2019 highs around 0.7260, also fueled by dollar bears. The pair extended the rally within its strong bullish trend and could threaten fresh long-term lops as the daily RSI is pointing upwards but hasn’t entered the overbought territory just yet. On the four-hour timeframes, the Australian dollar looks positive after yesterday’s break above the key moving averages. In case of a downside correction, the immediate support is expected at 0.7230, followed by the 0.72 figure that should cap a potential local retreat. 

Tags: AUDUSDEURUSDGBPUSDUSDCHFUSDJPY
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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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