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Pound corrects higher due to dollar weakness

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Home » Greenback keeps losing ground, euro approaches 1.20

Greenback keeps losing ground, euro approaches 1.20

by Joseph Deen
November 30, 2020 08:14
in Technical analysis
0
Pound corrects higher due to dollar weakness


If the euro manages to derail the 1.2000 hurdle, this year’s peaks near 1.2020 could be challenged

EURUSD

EURUSD keeps climbing at the start of the week as the dollar remains under pressure amid mostly positive risk sentiment. The pair rallied to fresh two-month highs around 1.1990, staying close to the 1.2000 handle. as a result, the daily RSI has neared the overbought territory, suggesting a bearish correction could be expected from the psychological level. However, if the euro manages to derail this hurdle, this year’s peaks near 1.2020 could be challenged. On the four-hour charts, the RSI is signaling the overbought conditions, which implies a retreat from the current levels in the short term. In this scenario, the immediate support should be expected at 1.1960, followed by 1.1940. In a wider picture, the common currency remains within a bullish trend as long as the greenback continues to lose its appeal. 

GBPUSD

GBPUSD turned marginally higher following two days of losses but still refrains from challenging the 1.3400 barrier that capped the ascent seen last week. The pound climbed to the intraday high of 1.3363 while deriving support from the 1.3290 area. As such, the cable remains in a consolidative mode, with upside risks persisting as long as the prices holding above the ascending 20-DMA, today at 1.3230. Meanwhile, the daily RSI is pointing north but is yet to enter the overbought territory, suggesting there is further room to the upside in the short term. On the upside, the mentioned 1.34000 barrier continues to act as the key immediate hurdle for bulls. In the hourly timeframes, the pound was flirting with the 100-SMA as of writing.

USDJPY

USDJPY was strongly rejected from the 20-DMA earlier in the day and has settled between the 20- and 200-hourly SMAs since then. The dollar struggles for direction in the short term following a recovery from one-week lows in the 103.80 area registered early in Asia on Monday. Despite the pounce, the pair remains vulnerable to further losses as long as the prices stay below the mentioned 20-DMA today at 104.35. In a wider picture, a significant resistance arrives at 104.90, followed by the descending 100-DMA that lies around 105.45 today. On the four-hour charts, the dollar stays below the key moving averages, suggesting the recovery potential is still limited despite the RSI is pointing north.

NZDUSD

The Kiwi rose to fresh mid-2018 highs on Monday, extending the rally despite the overbought conditions. The pair climbed to 0.7050, retaining a bullish bias ahead of the opening bell on Wall Street. Now, as the 0.7000 figure has turned into support, further gains could be expected in the short term. In this scenario, the New Zealand dollar could target the 0.7100 handle, followed by the 200-monthly MA that arrives at 0.7140. Meanwhile, in case of a downside correction, NZDUSD will first target the 0.7025 area, followed by the mentioned 0.7000 level. On the four-hour charts, the prices continue to follow the ascending 20-SMA, pointing to the persisting short-term bullishness in the pair.

AUDUSD

AUDUSD rose to fresh two-month highs marginally above the 0.7400 figure earlier in the day but failed to confirm the latest breakout and retreated back to the flatline around 0.7380. Despite the short-term upside momentum has waned since the start of the day, the pair keeps trading within this month’s bullish trend. Meanwhile, the daily RSI is directionless in the neutral territory, suggesting further upside potential could be limited from here. On the downside, the immediate support now arrives at 0.7370, while a more significant hurdle for the bears lies in the 0.7340 region. On the hourly charts, the pair needs to regain the 20-DMA in order to resume the ascent in the short term.

Tags: AUDUSDEURUSDGBPUSDNZDUSDUSDJPY
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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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