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Home » Dollar trims early losses in thin trading

Dollar trims early losses in thin trading

by Joseph Deen
December 28, 2020 06:26
in Technical analysis
0
Pound corrects higher due to dollar weakness

In the longer-term, the euro within a broader bullish trend while deriving support from the ascending 20-DMA since early-November

EURUSD

EURUSD came off local highs in the 1.2205 but still was holding above the 1.2200 figure at the time of writing. The fact that the common currency failed to break above the mentioned barrier and retreated may be a sign of a limited upside potential despite the dollar struggles to regain ground amid positive risk sentiment. The daily RSI looks directionless in the neutral territory, suggesting the euro could shift into a consolidation mode before deciding on the further direction. In the longer-term, the pair remains within a broader bullish trend while deriving support from the ascending 20-DMA since early-November.

GBPUSD

GBPUSD failed to hold above the 1.3600 barrier last Thursday and turned negative at the start of another shortened week despite the UK and the EU managed to strike a Brexit trade deal. It looks like traders shifted to some profit-taking after a rally while the overall tone in the pair remains upbeat in a wider picture. On the four-hour charts, the cable was flirting with the 20-SMA at the time of writing while struggling to hold above the 1.3500 level. The RSI meanwhile is pointing south in the neutral territory, which implies that further losses could lie ahead in the short term.

USDJPY

USDJPY bounced from the 103.40 region and turned marginally positive on Monday. Despite the renewed bullish bias on the intraday charts, it looks like the greenback still lacks the upside impetus to challenge the important 20-DMA that has been capping gains since mid-November. Meanwhile, the technical picture on the hourly timeframes has improved after the dollar regained the key moving averages in recent trading. If the pair manages to keep the current upside bias, traders could try to push the dollar back above the 103.75 intermediate resistance in the short term. On the downside, the nearest support arrives at 103.50.

XAUUSD

Gold prices jumped to the $1,900 psychological handle during the Asian hours where the significant 100-DMA lies. However, the precious metal failed to retain its bullish tone and was quickly rejected from local tops. Furthermore, the XAUUSD pair turned negative on the day in recent trading as the dollar shifted into a recovery mode. If the prices fail to hold above the $1,875 area, the 20-DMA (today at $1,851) will come back into market focus. On the four-hour timeframes, the metal is nearing the 20-SMA, a break below which could pave the way to the $1,870 immediate support. On the upside, the mentioned $1,900 figure acts as the key target for bulls in the short term.

NZDUSD

The Kiwi retains a bullish bias on Monday after a short-lived dip below the important 20-DMA last week. the pair regained upside ground following a limited correction, staying close to the April-2018 highs registered around 0.7170 earlier this month. Meanwhile, the daily RSI is now back in neutral territory but lacks the bullish bias at this stage, suggesting the upside potential could be limited at the current levels. As of writing, the New Zealand dollar was changing hands marginally above the 0.7100 level after a rejection from intraday highs in the 0.7140 region registered earlier in the day. A daily close above 0.7100 would confirm the persistent upside bias in the short term.

Tags: BrexitEURUSDGBPUSDGoldNZDUSDUSDJPYXAUUSD
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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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