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Pound corrects higher due to dollar weakness

Dollar keeps softer despite a cautious risk

November 17, 2020 08:43
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Home » Dollar keeps softer despite a cautious risk

Dollar keeps softer despite a cautious risk

by Joseph Deen
November 17, 2020 08:43
in Technical analysis
0
Pound corrects higher due to dollar weakness

The USD index stays under pressure and now targets the 92.00 region

EURUSD

EURUSD keeps pushing higher amid a weaker dollar, approaching the 1.1900 handle last seen more than a week ago. The common currency advances for the fourth consecutive day and climbed to the 1.1885 area in recent trading. If the bullish pressure persists, the next resistance should be expected at 1.1920, followed by August’s high of 1.1965. As for the USD index itself, the price stays under pressure and now targets the 92.00 region. The index could threaten this level once below the 92.10 area. On the four-hour timeframes, EURUSD remains within a gradual bullish trend and continues to stay above the ascending the 20-SMA while the RSI is pointing north, nearing the overbought conditions. Once the index reaches the 70 handle, a downside correction could be expected somewhere around 1.1900. 

GBPUSD

The cable climbs north for the third session in a row, extending gains to the 1.3270 region in recent trading. The pair retains a solid bullish bias, and it looks like the cable could challenge early-September highs in the 1.33 area registered last week. If so, the 1.35 figure would come back into market focus for the first time in 2.5-months. On the downside, the immediate support now arrives at 1.3180, followed by 1.3165. in a broader picture, the pound remains buoyed as long as the prices stay above the 100-DMA, today at 1.2960. On the positive side, GBPUSD continues to follow the ascending 20-DMA while the daily RSI is yet to enter the overbought territory. 

USDJPY

USDJPY failed to challenge the 100-SMA during the rally witnessed last week and has been correcting lower since then. In the process, the pair dipped below the 20-DMA, having accelerated the decline after this moving average turned back into resistance. As a result, the dollar extended losses to the 104.15 region and could threaten the 104.00 handle next if risk trends remain cautious in the near term. On the hourly charts, the prices are now below the key moving averages, suggesting the least path of resistance is still to the downside. A bearish slope in the daily RSI adds to the negative technical picture in the near term. the current pressure could ease somehow if the greenback reclaims the mentioned 20-DMA as support. 

XAUUSD

Gold prices remain unchanged on Tuesday, being capped by the 20-DMA since a massive daily plunge seen last week. The precious metal still struggles to regain the recovery momentum now, though the downside pressure has eased somehow as well since a long lower wick was created on the daily charts on Monday. On the downside, the immediate support now arrives at $1,880, followed by $1,860 and $1,1850. The precious metal could eventually decline towards these levels if the buyers fail to push the prices back through the $1,900 handle in the near term. To do this, the bullion needs to overcome the 20-DMA first. However, as the daily RSI still looks directionless in the neutral territory, it looks like XAUUSD will likely stay within the current tight trading range before deciding on a further direction. 

AUDUSD

AUDUSD climbed to last week’s high of 0.7339 earlier in the day but failed to сchallenge this area once more and created a double top on the daily charts as a result. This pattern could be a sign of a limited upside pressure that could bring more sellers in the short term. After a rejection from the mentioned top, the pair turned marginally negative on the day while barely holding above the 0.7300 handle. If this level gives up, the immediate significant support should be expected at 0.7260, followed by 0.7220. On the positive side, the daily RSI is yet to enter the overbought territory, suggesting the Australian dollar could yet climb to fresh highs above the 0.7340 area if the selling pressure surrounding the greenback intensifies.

Tags: AUDUSDEURUSDGBPUSDGoldUSDJPYXAUUSD
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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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