• Latest
  • Trending
  • All
Pound corrects higher due to dollar weakness

Dollar trims losses but remains in the red

September 15, 2020 10:40
Equities struggle amid economic and China-related concerns

Equities struggle amid economic and China-related concerns

December 29, 2022 08:55
Dollar lacks upside momentum due to lower Treasury yields

Currencies stuck in ranges as New Year holiday looms

December 28, 2022 07:01
Stocks gain, dollar eases ahead of job market data

Dollar pressured by positive risk sentiment in thin markets

December 27, 2022 04:50
Dollar lacks upside momentum due to lower Treasury yields

Dollar tries to shrug off the pressure

December 26, 2022 05:13
Investors spooked by strong US data

Investors spooked by strong US data

December 23, 2022 11:55
Dollar lacks upside momentum due to lower Treasury yields

Dollar back under pressure after short-lived relief

December 22, 2022 05:17
Risk demand reemerges cautiously, but caution remains in place

Risk demand reemerges cautiously, but caution remains in place

December 21, 2022 08:49
Dollar lacks upside momentum due to lower Treasury yields

US dollar resists selling pressure

December 20, 2022 10:44
Market sentiment dented by recession fears

Market sentiment dented by recession fears

December 19, 2022 02:53
Dollar lacks upside momentum due to lower Treasury yields

Greenback stays on the defensive nearly across the board

November 16, 2022 05:34
Investor sentiment improves, but gains limited

Investor sentiment improves, but gains limited

November 15, 2022 05:46
Dollar lacks upside momentum due to lower Treasury yields

Dollar licks wounds after plunge

November 14, 2022 05:05
  • Terms & Сonditions
  • Contact
Tuesday, February 7, 2023
FWNews - pulse of the forex market
  • FUNDAMENTALS
    Equities struggle amid economic and China-related concerns

    Equities struggle amid economic and China-related concerns

    Stocks gain, dollar eases ahead of job market data

    Dollar pressured by positive risk sentiment in thin markets

    Investors spooked by strong US data

    Investors spooked by strong US data

    Risk demand reemerges cautiously, but caution remains in place

    Risk demand reemerges cautiously, but caution remains in place

    Market sentiment dented by recession fears

    Market sentiment dented by recession fears

    Investor sentiment improves, but gains limited

    Investor sentiment improves, but gains limited

    Risk sentiment keeps deteriorating, dollar climbs

    Stocks celebrate US inflation, dollar slumps

    Virus, US-China tensions hit global markets

    Market sentiment turns cautious amid events in the US

    Investors look indecisive ahead of another volatile week

    Investors look indecisive ahead of another volatile week

  • TECHNICALS
  • Interest Rates
  • Economic calendar
  • Backstage
No Result
View All Result
FWNews - pulse of the forex market
  • FUNDAMENTALS
    Equities struggle amid economic and China-related concerns

    Equities struggle amid economic and China-related concerns

    Stocks gain, dollar eases ahead of job market data

    Dollar pressured by positive risk sentiment in thin markets

    Investors spooked by strong US data

    Investors spooked by strong US data

    Risk demand reemerges cautiously, but caution remains in place

    Risk demand reemerges cautiously, but caution remains in place

    Market sentiment dented by recession fears

    Market sentiment dented by recession fears

    Investor sentiment improves, but gains limited

    Investor sentiment improves, but gains limited

    Risk sentiment keeps deteriorating, dollar climbs

    Stocks celebrate US inflation, dollar slumps

    Virus, US-China tensions hit global markets

    Market sentiment turns cautious amid events in the US

    Investors look indecisive ahead of another volatile week

    Investors look indecisive ahead of another volatile week

  • TECHNICALS
  • Interest Rates
  • Economic calendar
  • Backstage
No Result
View All Result
FWNews - pulse of the forex market
No Result
View All Result

Home » Dollar trims losses but remains in the red

Dollar trims losses but remains in the red

by Joseph Deen
September 15, 2020 10:40
in Technical analysis
0
Pound corrects higher due to dollar weakness

The greenback refrained from a negative reaction to the report that showed the US industrial production rose just 0.4% versus +1.0% expected


EURUSD
EURUSD encountered resistance around the 1.19 handle earlier in the day and has retreated partially since then. Despite the recent correction, the pair remains in the green on the daily charts, edging higher for the fifth day in a row already. The daily RSI continues to point slightly higher but the bullish bias is too modest to bet on more robust gains in the short term despite the persisting dollar weakness and positive risk sentiment.


Still, the greenback refrained from a negative reaction to the report that showed the US industrial production rose just 0.4% versus +1.0% expected and +3.0% prior. In part, this is due to the fact that the US Empire manufacturing index came in at 17.0 in September, much higher than 6.8 anticipated. 


GBPUSD
GBPUSD climbed to five-day highs earlier in the session but failed to hold above 1.29 and trimmed intraday gains. On the hourly timeframes, the pair is nearing the 100-SMA, a break below which will send the cable into negative territory. In a wider picture, the pound is stuck between the key moving averages on the weekly charts this week but the bullish bias could lead to a break above the 200-weekly MA around 1.2930. In this scenario, the pair will retarget the 1.30 handle first. On the downside, there are strong support levels in the form of the 100- and 200-DMAs that will likely cap the pressure should the selling pressure reemerge. 


USDJPY
USDJPY slipped to fresh September lows around 105.30 during the European hours after another failed attempt to hold above the 20-DMA on Monday. The dollar resumes the decline after the recent consolidation and could threaten the 105.00 handle if the selling pressure persists in the short term. However, as risk sentiment looks positive, the pair is unlikely to challenge this support any time soon. It looks like the pair may stage a bounce from the mentioned lows but the recovery potential looks limited as well. On the four-hour timeframes, the technical picture continues to deteriorate since yesterday, when USDJPY dipped under the key moving averages. 


EURJPY
The cross dipped to six-day lows around 125.00 on Tuesday, extending the correction from local highs registered in the 126.50 region last week. The prices are now back below the 20-DMA while the daily RSI is pointing south, suggesting the selling pressure could intensify in the short term if the euro fails to turn the mentioned moving average into support. Still, the pair could resume the ascent toward 127.00 after the current correction that could be extended lower before the buyers reenter the game. Of note, EURJPY remains within a bullish trend despite the current retreat.


NZDUSD
The Kiwi extends its recovery from six-day lows registered around the 0.66 handle. The pair has exceeded the 0.67 figure in recent trading, and it looks like the New Zealand dollar is forming a symmetrical triangle in the daily charts. If so, the prices could rise to July 2019 highs marginally below 0.68. However, the daily RSI shows too modest bullish bias, suggesting further gains could be limited. Besides, as the prices have corrected lower from intraday highs, the Kiwi is yet to confirm the latest breakout on a daily closing basis as profit-taking could intensify in the short term. 

Tags: EURJPYEURUSDGBPUSDNZDUSDUSDJPY
Share3Tweet2
ADVERTISEMENT
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.

Related Posts

Equities struggle amid economic and China-related concerns
Fundamental analysis

Equities struggle amid economic and China-related concerns

December 29, 2022 08:55
16
Dollar lacks upside momentum due to lower Treasury yields
Technical analysis

Currencies stuck in ranges as New Year holiday looms

December 28, 2022 07:01
12
Stocks gain, dollar eases ahead of job market data
Fundamental analysis

Dollar pressured by positive risk sentiment in thin markets

December 27, 2022 04:50
12
Dollar lacks upside momentum due to lower Treasury yields
Technical analysis

Dollar tries to shrug off the pressure

December 26, 2022 05:13
12
Dollar lacks upside momentum due to lower Treasury yields
Technical analysis

Dollar back under pressure after short-lived relief

December 22, 2022 05:17
16
Dollar lacks upside momentum due to lower Treasury yields
Technical analysis

US dollar resists selling pressure

December 20, 2022 10:44
14

Leave Your Opinion Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

A slow start to the week in FX markets

Greenback continues to regain ground across the board

September 3, 2020 08:29
18
Stocks retreat, dollar mixed to start the week

Stocks retreat, dollar mixed to start the week

April 12, 2021 05:43
15
Zoom, Peloton shares tumble 15 percent on COVID vaccine news

Zoom, Peloton shares tumble 15 percent on COVID vaccine news

November 10, 2020 03:23
11

Ads

Shneider Electric

Most Popular

A slow start to the week in FX markets
Technical analysis

Dollar regains ground to start the week

January 25, 2021 07:25
118
A slow start to the week in FX markets
Technical analysis

Greenback advances modestly amid strong data

May 28, 2021 07:38
110
Kim Jong Un reportedly says his nuclear weapons guarantee there will be no more war
News

Kim Jong Un reportedly says his nuclear weapons guarantee there will be no more war

July 28, 2020 08:29
95
FWNews

Copyright © 2022 FWNews

  • Terms & Сonditions
  • Contact
No Result
View All Result
  • FUNDAMENTALS
  • TECHNICALS
  • Interest Rates
  • Economic calendar
  • Backstage

Copyright © 2022 FWNews