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Pound corrects higher due to dollar weakness

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Home » Dollar rises as risk-off tone reemerges

Dollar rises as risk-off tone reemerges

by Joseph Deen
November 19, 2020 07:55
in Technical analysis
0
Pound corrects higher due to dollar weakness

Gold prices extend the retreat from the 20-DMA that acted as local resistance earlier this week

EURUSD

As risk sentiment has deteriorated on Thursday, dollar demand picked up, sending the US currency higher versus most rivals. EURUSD lacked the upside momentum to challenge the 1.1900 local barrier and was rejected as a result. Today, the common currency extended losses to 1.1816 and has steadied slightly off intraday lows afterwards. If the buying pressure surrounding the greenback continues to build, the 1.1800 figure could turn into resistance in the short-term. On the positive side, as long as the pair stays above the 20-DMA, bearish risks are limited. On the upside, the immediate resistance now arrives at 1.1850, followed by 1.1890.

GBPUSD

GBPUSD turned marginally lower on Thursday after a four-day winning streak. The pair came across resistance marginally above the 1.3300 handle yesterday and has retreated from the early-September highs since then. Still, the downside potential looks limited at this stage, with the cable deriving support from the 1.3200 figure so far. If the pressure intensifies any time soon, a break below this level would pave the way towards the 20-DMA, today at 1.31. On the four-hour charts, the is flirting with the 20-SMA, with short-term dynamics looking neutral despite a slight bullish bias in the RSI. In a wider picture, the pound remains within a broader upside trend while holding above the key simple moving averages on the weekly timeframes.

USDJPY

USDJPY reversed north following five sessions of steep losses. As a result, a pattern similar to a double bottom was created on the daily charts, which implies further downside potential could be limited. The greenback derived support around 103.65-103.70 and climbed back above the 104.00 figure in recent trading. Still, as the recovery momentum looks unsustainable at this stage, the pair is yet to confirm the reversal on a daily closing basis. Once the 104.00 level turns into support, USDJPY could regain the 20-DMA, today at 104.50. On the downside, the prices may challenge the mentioned double bottom if the selling pressure surrounding the US currency reemerges. However, the path of least resistance is to the upside in the near term. 

XAUUSD

Gold prices extend the retreat from the 20-DMA that acted as local resistance earlier this week. Since then, the precious metal remains on the defensive, struggling to regain the bullish bias. As such, the bullion slipped to 1.5-week lows around $1,855 earlier in the day and has trimmed losses to the $1,861 region in recent trading. Now, as the downside pressure surrounding the yellow metal mounts, the $1,850 support zone comes back into market focus. As long as the prices stay above this significant level, bearish risks look limited while a break below it would pave the way to deeper losses. In this scenario, the next support should be expected at $1,840 last seen in July.

AUDUSD

AUDUSD struggles since a rejection from local highs in the 1.3340 area earlier last week. On Thursday, the pair slipped from the 0.7300 figure and extended intraday losses to 0.7255. As a result, the key moving averages on the hourly charts turned into resistance, suggesting the downside pressure could further mount in the short term. If so, the pair needs to hold above the 0.7220 significant intermediate support, a break below which would pave the way towards the 20-DMA that arrives just below the 0.7200 level. On the upside, the Aussie needs to make a decisive break above the 0.7300 figure in order to shrug off the current bearish pressure.

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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