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Home » Greenback on the back foot as risk-on tone improves

Greenback on the back foot as risk-on tone improves

by Joseph Deen
December 23, 2020 09:30
in Technical analysis
0
Tech analysis

Downside risks continue to persist for gold as its safe-haven status has eased recently


EURUSD


EURUSD regained the upside bias on Wednesday following a steep sell-off seen yesterday. Still, the common currency lacks the directional impetus to challenge the 1.2200 figure that represents the key immediate barrier for euro bulls. If the pair manages to turn this level into support, the 1,2240 zones will come back into market focus. Otherwise, another downside correction could be expected. In this scenario, EURUSD may retreat to 1.2150 initially and focus on the 20-DMA (today at 1.2120) later.  On the hourly charts, the prices have climbed marginally above the flat 200-SMA but are yet to confirm the latest local ascent on a daily closing basis. 


GBPUSD


GBPUSD has climbed above the 20-DMA in recent trading, erasing yesterday’s losses that took the prices to the 1.3300 figure. Earlier this week, the cable briefly dipped below 1.3200, down to 1.3180. Now, this area represents the immediate significant support, as a break below it would pave the way to deeper losses. On the upside, the pound needs to make a decisive break above 1.3460 in order to extend the recovery and reclaim the mentioned moving average as support. If the prices climb above 1.3500, the long-term highs around 1.3625 will come back into market focus. 


USDJPY


USDJPY failed to challenge the 104.00 figure at the start of the week and has been struggling since then despite yesterday’s climb to the 103.60 zones that capped earlier bullish attempts on Wednesday. On Wednesday, the pair is back under the selling pressure while holding above the 103.30 regions. A break below this support would open the way toward the 103.00 figure that was derailed last week. In a wider picture, the greenback remains within a broader bearish trend, being capped by the descending 20-weekly moving average since June. On the short-term timeframes, the pair struggles for direction, with RSI looking directionless in the neutral territory. 


XAUUSD


Gold prices bounced from the $1,860 area earlier in the day and reentered the positive territory following three consecutive days of losses. Now, the yellow metal needs to overcome the $1,870 immediate resistance in order to retarget the $1,900 key hurdle where the 100-DMA lies. However, XAUUSD may need the additional catalyst in order to challenge this barrier that triggered a bearish correction earlier this week. in a wider picture, downside risks continue to persist for the bullion as its safe-haven status has eased recently. If the pressure reemerges, the 20-DMA (today at $1,843) will come back into market focus. 


EURJPY


Thee cross derived support from the 20-DMA that has been capping losses for over a month already. As a result, the euro turned marginally positive on the day following a decline seen on Tuesday. Despite the bounce, the recovery potential looks limited at this stage, with the pair staying off late-August highs around 127.00 seen late-last week. As of writing, the common currency was changing hands marginally above the 126.00 figure, up just 0.08% on the day. On the four-hour timeframes, EURJPY struggles to recover above the ascending 100-SMA. On the other hand, long lower wicks suggest that short-term downside risks are limited as well. 

Tags: EURJPYEURUSDGBPUSDGoldUSDJPY
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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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