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Trade of the Day: GBP/JPY

Greenback looks directionless in mixed trading action

January 14, 2021 06:34
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Home » Greenback looks directionless in mixed trading action

Greenback looks directionless in mixed trading action

by Joseph Deen
January 14, 2021 06:34
in Technical analysis
0
Trade of the Day: GBP/JPY

EURUSD needs to hold above the 1.2130 figure in order to avoid a deeper retreat toward 1.2100

EURUSD

EURUSD dipped to three-day lows around 1.2135 earlier in the day but has turned marginally positive since then. The euro struggles for a clear direction this week, with bearish bias persisting as the dollar continues its recovery attempts. Of note, the 20-DMA (today at 1.2223) continues to act as the immediate resistance. As long as the common currency stays below this level, bearish risks prevail in the short term. In a wider picture, the pair stays firmly above the 20-weekly MA while correcting slightly lower within a longer-term uptrend. In the immediate term, EURUSD needs to hold above the 1.2130 figure in order to avoid a deeper retreat toward 1.2100.

GBPUSD

GBPUSD sees a modest bullish intraday bias after yesterday’s rejection from the 1.3700 handle that represents the immediate target for bulls now. The pair keeps staying above the ascending 20-DMA, and it looks like the prices to pierce the key barrier on the third attempt. If so, the pound would target the next barrier at 1.3770 where May 2018 peaks arrive. On the downside, the key support is represented by the 1.3550 area where the 20-DMA lies. if the prices get below this level, the short-term technical picture would deteriorate. However, it looks like the path of least resistance at this stage is to the upside.

USDJPY

USDJPY extends its recovery from the 20-DMA for the second day in a row on Thursday. The pair climbed to intraday highs around 104.20 earlier in the day but failed to preserve the upside momentum and has retreated since then, having settled in the 104.00 area in recent trading while retaining a modest bullish bias on the daily charts. In the four-hour timeframes, the greenback is flirting with the 20-SMA, with short-term dynamics looking neutral as long as the prices keep clinging to the 104.00 mark. A daily close above this level would pave the way for more robust gains in the days to come. Otherwise, another bearish correction could be expected.

XAUUSD

Gold prices failed to overcome the $1,863 local resistance earlier in the week and have been retreating since then. On Thursday, the XAUUSD pair briefly slipped below $1,830 before recovering to the $1,840 area where the 200-DMA arrives. As the daily RSI looks directionless in the neutral territory while the prices refrain from a dip to Monday’s lows in the $1,817 area, downside risks are limited in the short term. At the same time, it looks like the precious metal will struggle to erase recent losses and turn positive on the weekly charts by the end of tomorrow’s trading.

NZDUSD

The Kiwi has once again bounced from the 20-DMA that has been acting as support since the start of the week. As a result, the pair turned positive on the day but still lacks momentum to erase yesterday’s losses. As of writing, the prices were changing hands just below the 0.7200 figure, up 0.28% on the day. If the pair manages to overcome this local barrier, the 0.7230-0.7240 area will come back into market focus. This region represents the key immediate resistance these days. On the four-hour charts, the New Zealand dollar is back above the 20-SMA but the recovery momentum looks too fragile and uneven to bet on further gains in the near term.

Tags: EURUSDGBPUSDGoldNZDUSDUSDJPYXAUUSD
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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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