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

Dollar finished the week on the defensive

October 23, 2020 09:18
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
Saturday, January 28, 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 finished the week on the defensive

Dollar finished the week on the defensive

by Joseph Deen
October 23, 2020 09:18
in Technical analysis
0
Pound corrects higher due to dollar weakness

The Aussie resumes the ascent due to dollar weakness, having exceeded the 20-DMA in recent trading

EURUSD

EURUSD bounced from the local lows below 1.18 earlier in the day and jumped to 1.1860 in recent trading, having regained yesterday’s losses. As a result, the daily RSI has reversed north in the neutral territory. However, the bullish bias is too modest to bet on stronger gains in the short term as the greenback managed to trim losses recently. In the four-hour timeframes, the common currency has exceeded the 20-SMA, targeting yesterday’s highs around 1.1870. Once above this level, the prices could regain the 1.19 handle but it looks like the euro will struggle to accelerate the ascent in the short term. 

GBPUSD

GBPUSD is marginally lower on Friday, struggling to regain upside momentum after a rejection from early-September highs around 1.3175 earlier in the week. During the European hours, the pair has settled in the 1.3070 area after failed attempts to recover above 1.31. Despite the current hesitation, the cable could resume the ascent and even challenge the above-mentioned highs if there is some progress in Brexit talks in the short term. Furthermore, the pound is still supported by the key moving averages in the daily timeframes, with the initial support arriving at the 20-DMA, at 1.2960 today. The immediate support zone comes at 1.30. As long as the prices holding above this level, bearish risks are limited. 

USDJPY

USDJPY bounced from local lows around 104.55 earlier in the day. As a result, the pair created a long lower wick on the daily charts, suggesting downside risks are limited at this stage despite the dollar coming under the renewed selling pressure nearly across the board. As of writing, the pair was changing hands around 104.75, down just 0.06% on the day. Should investor sentiment continue to improve in the near term, USDJPY may reenter green territory. Anyway, the pair will stay in the red on the weekly charts, being capped by the descending 20-SMA since June. On the downside, the key support arrives at 104.30, a break below this could pave the way toward the 104.00 handle that could cap the potential downside pressure. 

XAUUSD

Gold prices are marginally higher on Friday, struggling to see a more sustained upside momentum after the recent rejection from this week’s highs above the $1,930 area. On the positive side, the precious metal continues to derive support from the 20-DMA and holding above the $1,900 psychological handle, suggesting the bearish potential is limited as well. It looks like the bullion will extend the current consolidation in the short term before deciding on the further direction. On the weekly timeframes, the yellow metal is in the green territory, deriving support from the 20-SMA since March. Meanwhile, the daily RSI remains flat in the neutral territory, which implies a continuation of the consolidative pattern for the time being. 

AUDUSD

The Aussie resumes the ascent due to dollar weakness, having exceeded the 20-DMA in recent trading. The pair climbed to nearly one-week highs in the vicinity of the 0.7160 area and has retreated partially since then. Despite the ongoing local rally in the pair, the daily RSI is pointing only slightly higher, suggesting the upside momentum could be waning already. If so, the prices may get back under the mentioned moving average by the end of the trading day and the week. On the weekly charts, AUDUSD is still capped by the 200-SMA that has been acting as a key resistance since September. As of writing, the pair was flirting with the 100-SMA on the four-hour timeframes, a break below which could pave the way to the 0.71 immediate support. As long as the Australian dollar remains above this handle, downside risks are limited. 

Tags: AUDUSDEURUSDGBPUSDUSDJPYXAUUSD
Share4Tweet2
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
Investors spooked by strong US data
Fundamental analysis

Investors spooked by strong US data

December 23, 2022 11:55
11
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

Leave Your Opinion Cancel reply

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

Recommended

Stocks mostly lower amid rising bond yields

Stocks mostly lower as worries persist

October 6, 2021 08:06
15
Dollar lacks upside momentum due to lower Treasury yields

Major currencies struggle below key SMAs

May 19, 2022 06:02
17
Pound corrects higher due to dollar weakness

Dollar looks steady despite safe-haven demand eases

March 19, 2021 06:52
16

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