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Home » Neutral stance in currencies ahead of the weekend

Neutral stance in currencies ahead of the weekend

by Joseph Deen
November 13, 2020 08:12
in Technical analysis
0
Pound corrects higher due to dollar weakness

A daily close above the 1.18 handle would be a confirmation of the latest breakout in the EURUSD pair 

EURUSD

EURUSD came slightly off intraday higher registered around 1.1835 earlier in the dayю Still, the pair retains a bullish tone, and it looks like the euro could extend the recovery and further regain losses witnessed earlier this week. A daily close above the 1.18 handle would be a confirmation of the latest breakout, with downside risks remain limited as long as the prices stay above the 20-DMA, today at 1.1780. On the four-hour charts, the common currency regained the key simple moving averages, implying that the technical picture could improve further in the near term. If so, the next upside target should be expected at 1.1850, followed by the 1.19 barrier.

GBPUSD

GBPUSD turned positive after two days of losses. The pair peaked at 1.33 earlier this week and proceeded to a downside correction that was capped by the 1.31 handle. If this level withstands the potential pressure, a bounce higher should be expected in the short term. Still, it looks like the cable will need the additional bullish catalyst to overcome the 1.33 barrier where early-September highs arrive. In the immediate term, the pound faces the initial hurdle around 1.3190 where the 100-hour moving average lies. Once above this local resistance, the 1.3245 region will come back into the market focus. On the downside, the technical picture will deteriorate if the prices break below the 20-DMA, today at 1.3060. 

USDJPY

USDJPY failed to regain the bullish impetus and extended the retreat from local highs registered earlier this week. However, the greenback is holding above the 20-DMA that continues to act as the key support. As long as this moving average withstands the pressure, the short-term technical picture remains neutral. On the upside, the pair refrains from challenging the 100-DMA that has capped gains this summer on several occasions. It looks like the dollar now lacks momentum to break this significant hurdle for the first time since early-June. As such, USDJPY remains stuck between the 100- and 200-DMA in a neutral pattern for now, and was changing hands around 104.85 as of writing.

XAUUSD

Gold prices were little changed earlier on Friday, retaining a bullish bias ahead of the opening bell on Wall Street. Despite the fact that the precious metal continues its bullish attempts, downside risks continue to persist, especially as the prices still struggle to get back above the $1,890 local barrier that is standing on the way towards the $1,900 handle. Furthermore, XAUUSD remains under the key moving averages while the daily RSI looks directionless in the neutral territory, suggesting that the bullion will likely struggle to see a more robust and sustainable recovery following a massive sell-off seen at the start of the week.

EURGBP

EURGBP failed to extend yesterday’s recovery from the levels last seen in May. After a decent bounce witnessed on Thursday, the cross turned red on the day, struggling to retain a bullish bias and stay above the 0.90 figure. Besides, the pair is still being capped by the descending 20-DMA which represents the key hurdle for euro bulls and will likely continue to act as a barrier at least in the short term. Furthermore, the RSI in the short-term charts is pointing slightly south while staying in the neutral territory, suggesting the path of least resistance is to the downside at this stage. In a wider picture, there are no signs of a reversal in the ongoing broader bearish trend.

Tags: EURGBPEURUSDGBPUSDGoldUSDJPYXAUUSD
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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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