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Sterling falls across the board, dollar stable

September 7, 2020 09:54
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Home » Sterling falls across the board, dollar stable

Sterling falls across the board, dollar stable

by Joseph Deen
September 7, 2020 09:54
in Technical analysis
0

Considering the heightened uncertainty ahead of Brexit talks this week, EURGBP will likely remain on the offensive in the short term

EURUSD
The euro retains a bearish bias but refrains from a more aggressive retreat within its upside trend on Monday. EURUSD is holding above the 1.18 handle while the daily RSI is pointing only slightly lower, suggesting the euro could spend some time in a consolidation with a slight bearish bias. If the pressure intensifies, a break below 1.18 will pave the way toward recent lows around 1.1780. Once below, the common currency could see a more intense correction from two-year highs registered above 1.20 last week. On the upside, the immediate resistance arrives at 1.1865, followed by the 1.19 handle and 1.1930. In the weekly charts, the overall picture remains positive as long as the prices hold above the 200-SMA around 1.1365. 


GBPUSD
As the sterling fell across the board amid Brexit-related uncertainty, GBPUSD has accelerated the bearish movement at the start of a new trading week. As such, a symmetrical triangle is being formed in the daily charts which should be completed around 1.3050. Anyway, the bullish trend remains intact as long as the pair stays above the key moving averages. The initial MA arrives at 1.2930. Once below this 50-SMA, the 1.28 handle will come back into market focus. However, it looks like the pair will stage a reversal earlier, and the current bearish correction could be over soon. 


USDJPY
USDJPY is flat above the 106.00 handle to start the week. The dollar struggles to stage a more decisive upside movement following a strong rejection from the 100-daily moving average on August 28. This MA continues to act as the key hurdle on the way north and will likely continue to cap bullish attempts in the short- to medium-term. On the four-hour timeframes, the greenback is stuck around the 20-SMA while the RSI looks directionless in the neutral territory, suggesting the prices will remain in a consolidative mode for the time being. 


EURGBP
The cross rallied strongly amid broad-based weakness in the sterling on Monday. The pair has settled firmly above the 100-DMA and climbed to the levels just below the 0.90 handle that continues to act as resistance sine a break below the 50-daily moving average in early-August. The euro needs to stay above the 100-DMA on a daily closing basis to extend the local ascent. Otherwise, a decent correction could take place once the sterling regains strength. However, considering the heightened uncertainty ahead of Brexit talks this week, EURGBP will likely remain on the offensive in the short term. 


NZDUSD 
The Kiwi remains under the selling pressure on Monday after modest recovery attempts seen late last week. The pair has been edging lower since its rejection from highs marginally below 0.68, with bullish attempts being capped by USD bulls. As of writing, the pair was changing hands just below the 0.67 handle, refraining from a dip to Friday’s lows amid a relatively stable dollar. If the downside pressure intensifies in the coming days, NZDUSD may threaten the 50-daily moving average at 0.66. on the four-hour charts, the technical picture has deteriorated as the prices fell back under the 50-SMA. A daily close below this moving average that arrives at 0.6710 could open the way toward the 100- and 200-SMAs in the 0.6630 region. 

Tags: EURGBPEURUSDGBPUSDNZDUSDUSDJPY
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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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