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Home » Dollar eases further as risk-on rally continues

Dollar eases further as risk-on rally continues

by Joseph Deen
November 23, 2020 08:22
in Technical analysis
0
Pound corrects higher due to dollar weakness

EURUSD could see some more gains before the bulls proceed to profit-taking

EURUSD

EURUSD touched the 1.1900 handle for the first time in two weeks on Monday as the ongoing risk-on rally sent the greenback lower across the board. Now, as the common currency has derailed the 1.1890 barrier, the pair needs to confirm the latest breakout on a daily closing basis. Otherwise, a bearish correction could be expected in the short term. On the positive side, the daily RSI continues to point upwards but is yet to enter the overbought territory, which implies that EURUSD could see some more gains before the bulls proceed to profit-taking at attractive levels. In a wider picture, the European currency looks poised for a bullish extension once the 1.1900 figure turns into support on a daily closing basis. In this scenario, the next resistance should be expected in the 1.1920 area.

GBPUSD

GBPUSD extended the ascent to start the week, climbing to fresh early-September highs during the European hours. The pair rose to 1.3390, preparing for a bull run at the 1.3400 figure while retaining a solid bullish bias. The cable continues to derive support from the ascending 20-DMA, today at 1.3138. As long as the prices stay above this moving average, upside risks continue to persist in the short term. However, the daily RSI is about to cross into the overbought territory, suggesting the 1.3400 mentioned handle could act as resistance and trigger a correction following the current winning streak. If so, the immediate support should be expected at 1.3330, followed by 1.3300.

USDJPY

USDJPY has settled within a tight trading range on Monday, struggling for direction after failed recovery attempts seen late last week. The technical picture surrounding the greenback has deteriorated following a break below the descending 20-DMA, today at 104.40. As of writing, the pair was changing hands around 103.70, marginally lower on the day while holding just above last week’s lows in the 104.65 area. If this level gives up, a more pronounced bearish bias could be expected in the short term. In this scenario, the 103.00 figure will come back into market focus. On the upside, USDJPY needs to reclaim the 104.00 level as support in order to switch into a recovery mode.

XAUUSD

Gold prices struggled around $1,876 at the start of the day and have turned negative since then as the risk-on tone in the global financial markets outweighed the effect from a sell-off in the greenback. As a result, the bullion dipped to $1,863 and managed to trim intraday losses since then. For now, the yellow metal looks directionless as long as the prices stay within the $1,850-$1,890 range. The prices need to see a sustained recovery above the latter (the 20-DMA) in order to shrug off the local weakness and retarget the 100-DMA around $1,910. On the four-hour timeframes, the bullion is flirting with the 20-SMA which should turn into support to signal the easing selling pressure in the short term.

USDCHF

USDCHF failed to recover above the 20-DMA last week and has accelerated the decline on Monday as a result. The dollar dipped to two-week lows in the 0.9075 area following a rejection from the levels above the 0.9100 figure which remains in market focus as long as the mentioned moving average acts as resistance. In a wider picture, the dollar remains capped by the descending 100-DMA, today at 0.9158. This moving average has been acting as resistance since late-May. As long as the prices stay below this barrier, downside risks persist in the medium term. Failure to cling to the current levels could pave the way to 0.9030, followed by 0.9000. 

Tags: EURUSDGBPUSDGoldUSDCHFUSDJPYXAUUSD
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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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