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

Greenback rally losses steam

February 18, 2021 05:58
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
Wednesday, March 22, 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 » Greenback rally losses steam

Greenback rally losses steam

by Joseph Deen
February 18, 2021 05:58
in Technical analysis
0
Pound corrects higher due to dollar weakness

Recovery potential for the common currency looks limited

EURUSD

EURUSD saw a bounce from local lows registered around 1.2020 on Wednesday and turned positive on the day as the dollar started to give up recent gains. Still, the recovery potential for the common currency looks limited at this stage as the prices struggle below the 20-DMA as well as the 1.2100 figure. If the pair manages to overcome these barriers any time soon, the technical picture for the euro would improve somehow. On the downside, the 1.2000 figure remains in market focus while the 100-DMA arrives just below this level. As long as EURUSD keeps trading above this moving average, bearish risks remain limited. In the immediate term, the pair needs to overcome the 1.2075 barrier in order to retarget the 1.2100 figure.

GBPUSD

GBPUSD is back on the offensive following a short-lived and modest downside correction witnessed yesterday. Cable remains close to its long-term highs refreshed earlier this week, and it looks like the pair is ready to set new tops while staying strong despite the recent dollar rally. As of writing, the pound was changing hands around 1.3925, targeting the 1.3950 barrier that stands on the way towards the 1.4000 handle last seen in April 2018. On the downside, the pair needs to hold above 1.3900 in the short term so that to retain the current bullish tone and make another decisive breakout. Of note, the daily RSI is nearing the 70 critical mark, suggesting the bull run could lose steam soon.

USDJPY

USDJPY peaked at 106.20 on Wednesday before retreating as the dollar failed to preserve gains due to the resurgent corrective trends. The pair slipped below 106.00 and dipped to the 105.70 area in recent trading while holding above the 200-DMA (today at 105.50) during the European hours. If this moving average gives up any time soon, market focus will shift back to the 105.00 support zone as well as the 20-DMA that arrives at 104.85 today. On the upside, USDJPY needs to regain the 106.00 figure in order to climb to fresh three-month highs. At this stage, it looks like the pair will see more losses before USD buyers reemerge.

EURJPY

Yesterday, the cross climbed to fresh late-2018 highs around 128.45 from where the pair was rejected strongly. As a result, the prices slipped to the 127.30 area that acted as support and triggered a bounce on Thursday. Despite a local reversal, EURJPY is well off the mentioned tops, struggling to overcome the 127.60 intermediate resistance. The daily RSI is pointing slightly higher but lacks the impetus, suggesting the upside potential for the common currency is limited at this stage. On the hourly charts, the pair is now stuck between the 100- and 20-SMAs, pointing to some consolidation before deciding on the further direction.

USDCAD

On Wednesday, USDCAD failed to overcome local resistance represented by the 20-DMA that arrives at 1.2740 today. As a result, the pair was rejected from peaks and turned negative in recent trading as the greenback is losing steam following the recent rally. The prices dipped below 1.2700, to register intraday lows around 1.2680. If this level gives up, the pair would target the next support located at 1.2630. However, it looks like the dollar will refrain from a deeper retreat for the time being as the daily RSI looks directionless in the neutral territory. On the four-hour timeframes, USDCAD is nearing the 20-DMA that represents the immediate support.

Tags: EURJPYEURUSDGBPUSDUSDCADUSDJPY
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
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
Dollar lacks upside momentum due to lower Treasury yields
Technical analysis

US dollar resists selling pressure

December 20, 2022 10:44
14

Leave Your Opinion Cancel reply

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

Recommended

bankofcanada

Global investors continue to monitor developments in the US

January 7, 2021 08:53
13

Federal Reserve Board announces termination of enforcement action with The Leaders Group, Inc.

July 9, 2020 02:03
10
Eurozone IHS Markit’s flash composite PMI sank to the lowest reading since the survey began in 1998

Investors remain cautious, euro at one-month lows

April 23, 2020 07:07
18

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