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Home » Dollar bears unstoppable on the last day of the year

Dollar bears unstoppable on the last day of the year

by Joseph Deen
December 31, 2020 06:42
in Technical analysis
0
Pound corrects higher due to dollar weakness

The greenback dipped to fresh long-term lows versus major counterparts 

EURUSD

EURUSD derailed the 1.2300 handle for the first time since April 2018, having extended the rally to 1.2309. On Thursday, the euro faced resistance at this level and retreated marginally as traders preferred to take some profit on the last trading day of the year amid the persisting broad-based weakness surrounding the greenback. As of writing, the euro was changing hands around 1.2280, down just 0.12% on the day. Should the downside pressure intensify any time soon, the pair may retreat to 1.2260 while the key support is represented by the ascending 20-DMA, today at 1.2180. still, bearish risks look limited both in the short- and medium term.

GBPUSD

The cable climbed to fresh May 2018 highs beyond the 1.3650 figure, nearing the 1.3700 barrier on Thursday. The pair has retreated slightly from peaks during the European hours but stays on the offensive, suggesting the upside momentum hasn’t been exhausted just yet. If the bullish pressure persists in the short term, the pound could challenge the 1.3700 figure that could trigger some profit-taking at attractive levels. The pair continues to derive support from the ascending 20-DMA that acted as a support earlier this week. In a wider picture, strong and important support is located at 1.3150, where the 100-DMA lies.

USDJPY

USDJPY is nearing two-week lows, flirting with the 103.00 handle on Thursday. The technical picture continues to deteriorate as the greenback keeps bleeding nearly across the board. If the mentioned level turns into resistance on a daily closing basis, the pair could break below the 102.85 area and refresh March lows. On the four-hour charts, the RSI has bounced from nearly oversold territory, suggesting the prices will likely continue to oscillate around 103.00 in the immediate term. Still, the path of least resistance remains to the downside. The immediate resistance is now expected at 103.25. A recovery above this level would somehow improve the near-term technical picture.

NZDUSD

The Kiwi jumped to fresh April-2018 highs on Thursday. The pair extends this week’s rally from the ascending 20-DMA that acted as support and triggered another bull run amid a weaker dollar. Following a decisive break above the 0.7200 barrier, the prices climbed to the 0.7240 area, now targeting the 0.7260 area. On the downside, the immediate support is now represented by the 0.7200 handle, followed by the 0.7150 zone. On the hourly charts, the New Zealand dollar keeps trading above the ascending 20-SMA, adding to the upbeat technical picture in the short term.

EURGBP

The cross extended losses on Thursday after failed attempts to break above the 0.9090 area earlier this week. The euro briefly dipped below the 200-DMA before bouncing marginally. Still, the pair remains under heavy selling pressure during the European session. As the prices derailed the mentioned moving average while the daily RSI is pointing south, it looks like EURGBP could see more losses in the short term. If recovery takes place, the immediate resistance could be expected at 0.9000, followed by the 0.9020 area and the 100-DMA at 0.9037. As of writing, the pair was changing hands around 0.8990. On the four-hour charts, the euro is now below the key moving averages, suggesting downside risks could persist in the near term.

Tags: EURGBPEURUSDGBPUSDNZDUSDUSDJPY
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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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