• Latest
  • Trending
  • All
Pound corrects higher due to dollar weakness

Dollar is back under pressure across the board

January 5, 2021 05:48
Equities struggle amid economic and China-related concerns

Equities struggle amid economic and China-related concerns

December 29, 2022 08:55
Dollar lacks upside momentum due to lower Treasury yields

Currencies stuck in ranges as New Year holiday looms

December 28, 2022 07:01
Stocks gain, dollar eases ahead of job market data

Dollar pressured by positive risk sentiment in thin markets

December 27, 2022 04:50
Dollar lacks upside momentum due to lower Treasury yields

Dollar tries to shrug off the pressure

December 26, 2022 05:13
Investors spooked by strong US data

Investors spooked by strong US data

December 23, 2022 11:55
Dollar lacks upside momentum due to lower Treasury yields

Dollar back under pressure after short-lived relief

December 22, 2022 05:17
Risk demand reemerges cautiously, but caution remains in place

Risk demand reemerges cautiously, but caution remains in place

December 21, 2022 08:49
Dollar lacks upside momentum due to lower Treasury yields

US dollar resists selling pressure

December 20, 2022 10:44
Market sentiment dented by recession fears

Market sentiment dented by recession fears

December 19, 2022 02:53
Dollar lacks upside momentum due to lower Treasury yields

Greenback stays on the defensive nearly across the board

November 16, 2022 05:34
Investor sentiment improves, but gains limited

Investor sentiment improves, but gains limited

November 15, 2022 05:46
Dollar lacks upside momentum due to lower Treasury yields

Dollar licks wounds after plunge

November 14, 2022 05:05
  • Terms & Сonditions
  • Contact
Tuesday, February 7, 2023
FWNews - pulse of the forex market
  • FUNDAMENTALS
    Equities struggle amid economic and China-related concerns

    Equities struggle amid economic and China-related concerns

    Stocks gain, dollar eases ahead of job market data

    Dollar pressured by positive risk sentiment in thin markets

    Investors spooked by strong US data

    Investors spooked by strong US data

    Risk demand reemerges cautiously, but caution remains in place

    Risk demand reemerges cautiously, but caution remains in place

    Market sentiment dented by recession fears

    Market sentiment dented by recession fears

    Investor sentiment improves, but gains limited

    Investor sentiment improves, but gains limited

    Risk sentiment keeps deteriorating, dollar climbs

    Stocks celebrate US inflation, dollar slumps

    Virus, US-China tensions hit global markets

    Market sentiment turns cautious amid events in the US

    Investors look indecisive ahead of another volatile week

    Investors look indecisive ahead of another volatile week

  • TECHNICALS
  • Interest Rates
  • Economic calendar
  • Backstage
No Result
View All Result
FWNews - pulse of the forex market
  • FUNDAMENTALS
    Equities struggle amid economic and China-related concerns

    Equities struggle amid economic and China-related concerns

    Stocks gain, dollar eases ahead of job market data

    Dollar pressured by positive risk sentiment in thin markets

    Investors spooked by strong US data

    Investors spooked by strong US data

    Risk demand reemerges cautiously, but caution remains in place

    Risk demand reemerges cautiously, but caution remains in place

    Market sentiment dented by recession fears

    Market sentiment dented by recession fears

    Investor sentiment improves, but gains limited

    Investor sentiment improves, but gains limited

    Risk sentiment keeps deteriorating, dollar climbs

    Stocks celebrate US inflation, dollar slumps

    Virus, US-China tensions hit global markets

    Market sentiment turns cautious amid events in the US

    Investors look indecisive ahead of another volatile week

    Investors look indecisive ahead of another volatile week

  • TECHNICALS
  • Interest Rates
  • Economic calendar
  • Backstage
No Result
View All Result
FWNews - pulse of the forex market
No Result
View All Result

Home » Dollar is back under pressure across the board

Dollar is back under pressure across the board

by Joseph Deen
January 5, 2021 05:48
in Technical analysis
0
Pound corrects higher due to dollar weakness


The euro may need the additional catalyst to make a decisive break above 1.2309 

EURUSD

EURUSD retains a bullish tone, targeting fresh long-term highs above the 1.2300 handle that represents the immediate resistance on Tuesday. The pair was twice rejected from the 1.2309 figure, which implies that the common currency may need the additional catalyst to make a decisive break above this level. Another rejection from this barrier could trigger a bearish correction in the days to come. In this scenario, the prices could initially retreat to 1.2225, followed by the 1.2200 figure and the ascending 20-DMA, today at 1.2190. As long as EURUSD stays above this moving average, upside risks persist. If the prices manage to turn 1.2300 into support, the 1.2400 barrier will come into market focus.

GBPUSD

GBPUSD registered fresh May 2018 highs around 1.3700 on Monday and saw a local downside correction from tops. However, the cable derived support from the 1.3540 area and bounced on Tuesday, trading just below the 1.3600 figure during the European hours. Despite the pound lacks the upside momentum to challenge this immediate barrier, the overall technical picture remains constructive. On the positive side, the pair continues to derive support from the ascending 20-DMA, today at 1.3463, while the daily RSI remains in the neutral territory, suggesting there is further room to the upside.

USDJPY

USDJPY dipped to fresh march lows around 102.70 on Monday but managed to erase intraday gains eventually. Today, the pair is back under the selling pressure, having settled below the 103.00 figure that represents the immediate resistance now. The longer the prices stay below this level, the higher the downside risks are getting. If the dollar slips below the mentioned lows, the next bearish target should be expected at 102.00. On the upside, a recovery above 103.00 would pave the way toward 103.30, followed by the descending 20-DMA, today at 103.60. On the four-hour charts, the upside potential in the pair has been capped by the descending 20-SMA since December 29, adding to the downbeat short-term technical picture.

XAUUSD

Gold prices have been rising for the fifth day in a row on Tuesday, nearing the $1,950 resistance for the first time in nearly two months. The precious metal is now back above the key moving averages, pointing to the improving technical picture. On the other hand, the daily RSI has now climbed to the 70 handle and is about to enter the overbought territory, suggesting a downside correction could take place soon. If rejected from the $1,950 area, the bullion would encounter the immediate support at $1,945. In a wider picture, the 20-DMA (today at $1,874) represents a significant support zone. On the upside, a decisive break above the mentioned barrier would pave the way toward $1,965.

AUDUSD

The Aussie resumed the ascent after a short-lived pullback seen yesterday. A double top at 0.7740 was created as a result, suggesting the pair could need an extra impetus to challenge this area where April-2018 highs lie. On Tuesday, the Australian dollar is clinging to the 0.7700 handle, refraining from challenging the mentioned peaks despite the greenback remains under pressure across the board. On the four-hour charts, the prices have recovered above the ascending 20-SMA in recent trading, suggesting AUDUSD could eventually turn the 0.7700 level into support. On the other hand, as the RSI is getting flat on the short-term timeframes, the rally could slow in the near term.

Tags: AUDUSDEURUSDGBPUSDGoldUSDJPYXAUUSD
Share3Tweet2
ADVERTISEMENT
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.

Related Posts

Equities struggle amid economic and China-related concerns
Fundamental analysis

Equities struggle amid economic and China-related concerns

December 29, 2022 08:55
16
Dollar lacks upside momentum due to lower Treasury yields
Technical analysis

Currencies stuck in ranges as New Year holiday looms

December 28, 2022 07:01
12
Stocks gain, dollar eases ahead of job market data
Fundamental analysis

Dollar pressured by positive risk sentiment in thin markets

December 27, 2022 04:50
12
Dollar lacks upside momentum due to lower Treasury yields
Technical analysis

Dollar tries to shrug off the pressure

December 26, 2022 05:13
12
Investors spooked by strong US data
Fundamental analysis

Investors spooked by strong US data

December 23, 2022 11:55
11
Dollar lacks upside momentum due to lower Treasury yields
Technical analysis

Dollar back under pressure after short-lived relief

December 22, 2022 05:17
16

Leave Your Opinion Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Purina debuts dog and cat food made with fly larvae

Purina debuts dog and cat food made with fly larvae

November 10, 2020 03:22
11
Stocks gain, dollar eases ahead of job market data

Dollar pressured by positive risk sentiment in thin markets

December 27, 2022 04:50
12
Pound corrects higher due to dollar weakness

Dollar steadies after a sell-off

August 30, 2021 09:00
51

Ads

Shneider Electric

Most Popular

A slow start to the week in FX markets
Technical analysis

Dollar regains ground to start the week

January 25, 2021 07:25
118
A slow start to the week in FX markets
Technical analysis

Greenback advances modestly amid strong data

May 28, 2021 07:38
110
Kim Jong Un reportedly says his nuclear weapons guarantee there will be no more war
News

Kim Jong Un reportedly says his nuclear weapons guarantee there will be no more war

July 28, 2020 08:29
95
FWNews

Copyright © 2022 FWNews

  • Terms & Сonditions
  • Contact
No Result
View All Result
  • FUNDAMENTALS
  • TECHNICALS
  • Interest Rates
  • Economic calendar
  • Backstage

Copyright © 2022 FWNews