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Pound corrects higher due to dollar weakness

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October 7, 2020 10:09
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Home » Dollar mixed amid conflicting signals, yen on the defensive

Dollar mixed amid conflicting signals, yen on the defensive

by Joseph Deen
October 7, 2020 10:09
in Technical analysis
0
Pound corrects higher due to dollar weakness

USDJPY resumed the ascent after a short-lived pause seen on Tuesday

EURUSD

EURUSD turned green on Wednesday after a retreat from the 1.18 handle seen yesterday. The pair struggles to stage a more sustainable ascent after a rejection from the important local resistance that triggered a decline in mid-September. So, the pair needs to make a decisive break above this level to see a more robust and sustainable ascent. Otherwise, downside risks could intensify and send the prices back below 1.17. As of writing, EURUSD was changing hands marginally above the 20-DMA, with the daily RSI pointing just slightly higher, suggesting the euro will likely lack the current bullish momentum to regain recent losses. 

GBPUSD

GBPUSD has been changing hands in a tight intraday range on Wednesday, struggling to regain upside momentum after yesterday’s rejection from mid-September highs around the 1.30 psychological level. It looks like the pound may need the additional bullish driver to make a decisive break above this important hurdle. On the downside, the pair is clinging to the 20-DMA, a break below which will open the way toward the 100- and 200-DMAs that arrive at 1.2785 and 1.2710, respectively. As long as the cable stays above these moving averages, its short-term dynamics is considered neutral. If the selling pressure eases any time soon, the initial upside barrier should be expected at 1.2930. 

USDJPY

USDJPY resumed the ascent after a short-lived pause seen on Tuesday. The pair bounced from the 20-DMA and jumped to mid-September highs above the 106.00 handle in recent trading. The dollar has trimmed intraday gains since then and needs to stage a daily close above this level to confirm the latest breakout. Otherwise, profit-taking could bring the pair back under the key moving average. On the four-hour timeframes, the greenback has settled above the three moving averages but the RSI is flat marginally below the overbought territory, suggesting further gains could be limited. On the downside, the immediate support arrives at 105.70, followed by the now descending 20-DMA arriving at 105.40.  

XAUUSD

Gold prices suffered decent losses yesterday and extended the decline to late-September lows around $1,872 today in Asia. However, the precious metal managed to stage a bounce and reentered the positive territory. During the local recovery, the bullion stayed shy of the $1,900 handle and has retreated partially since then. As of writing, the yellow metal was changing hands around $1,884. As long as the prices stay below the $1,900 barrier, downside risks will continue to persist. In a wider picture, gold continues to derive support from the ascending 20-DMA but could challenge this moving average if the pressure persists in the days to come. In this scenario, the precious metal could see a deeper retreat from all-time highs registered in early-August above the $2,000 figure. 

NZDUSD

The Kiwi struggles for a recovery impetus after a plunge on Tuesday. The pair dipped to a local low of 0.6574 and bounced but failed to challenge the 0.66 immediate resistance in recent trading. After the recent retreat from the 0.6660 area, the New Zealand dollar remains on the defensive while the current recovery attempts are looking too modest to bet on more robust gains in the short term, with bearish risks persisting as long as the prices stay below the 20-DMA around 0.6635. The daily RSI turned flat in the neutral territory, suggesting NZDUSD could spend some time in consolidation before deciding on a further direction. Once above 0.66, the prices could retest the mentioned moving average if the dollar comes under widespread selling pressure.  

Tags: EURUSDGBPUSDNZDUSDUSDJPYXAUUSD
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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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