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A slow start to the week in FX markets

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August 21, 2020 11:41
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Home » Euro is back under pressure as dollar tends to trim losses

Euro is back under pressure as dollar tends to trim losses

by Joseph Deen
August 21, 2020 11:41
in Technical analysis
0
A slow start to the week in FX markets

The EURUSD pair retreated from a local resistance of 1.1880 and dipped to one-week lows below 1.18


EURUSD
The euro came under the renewed downside pressure on Friday, as traders were disappointed by weaker-than-expected European PMIs. As a result, the EURUSD pair retreated from a local resistance of 1.1880 and dipped to one-week lows below 1.18. After another corrective sell-off, the daily RSI extended its decline within the neutral territory, suggesting the pair could at least stay under pressure in the short term. Furthermore, upbeat data out of the United States due later today could add to the current dollar bullishness and send the common currency to fresh lows below 1.1780. Anyway, the overall bullish trend will remain intact. 


GBPUSD
GBPUSD is also back on the defensive today after a short-lived bounce witnessed on Thursday. The pair failed to challenge the 1.3250 resistance earlier in the day and gave up intraday gains. Soon, the selling pressure surrounding the sterling intensified amid negative comments on Brexit negotiations. The cable registered local lows around 1.3125 and refrains from a deeper retreat, suggesting the downside potential is limited at this stage, at least as long as the prices are holding above 1.31. However, as the daily RSI is pointing south, further losses could lie ahead if dollar demand picks up in the short term. 


USDJPY
USDJPY managed to trim intraday losses in recent trading but still struggles to regain the 20-DMA that acts as the key immediate resistance following another sell-off witnessed earlier. Despite the current bounce from the 105.43 intraday low, downside risks continue to persist for the pair, with the overall bearish trend remaining intact. There are too many obstacles on the upside to bet on a more robust recovery in the days to come while the 105.00 handle remains at risk. On the four-hour timeframes, the technical picture has improved somehow recently but the greenback is yet to confirm a recovery above the 20-SMA. 


XAUUSD
Gold prices failed to extend yesterday’s recovery and turned red again, after a rejection from local highs around $1,1955. The precious metal lacks the upside momentum to challenge the $2,000 handle and stage a decisive rebound above this level that turned into support following the recent plunge amid the overbought conditions. However, the longer-term technical and fundamental outlook for gold remains positive as there are too many uncertainties in the global financial markets that could drive the safe-haven metal to fresh all-time highs in the medium term. The immediate resistance now arrives at $1,956.  


EURJPY
The cross has accelerated the decline on Friday, suffering losses for the sixth day in a row. The pair dipped to 1.5-week lows around 124.50, extending the retreat from April 2019 highs in the 126.75 area registered last week amid a widespread rally in the common currency. Now, as the euro corrects lower across the board, further losses could be expected in the short term if the 124.30 support gives up. On the four-hour charts, the technical picture has deteriorated further after EURJPY dipped below the 50- and 100-SMAs. The immediate resistance now arrives at 125.00. 

Tags: EURUSDGBPUSDUSDJPY
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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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