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Pound corrects higher due to dollar weakness

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Home » Dollar regains ground further on the first day of spring

Dollar regains ground further on the first day of spring

by Joseph Deen
March 1, 2021 12:37
in Technical analysis
0
Pound corrects higher due to dollar weakness

The euro is now sitting around the 20-weekly MA, signaling further deterioration in the technical picture

EURUSD

EURUSD failed to regain the 20-DMA earlier in the day, resuming the downside move as a result. The pair was rejected from the 1.2100 handle as dollar demand resurged across the board. In Europe, the common currency is nearing the ascending 100-DMA (today at 1.2020), a break below which would pave the way towards the 1.2000 psychological support. On the four-hour charts, the RSI was last seen flirting with the 30 critical level, which implies the pair could enter the oversold territory in the short term, with downside risks persisting for the time being. Furthermore, the euro is now sitting around the 20-weekly MA, signaling further deterioration in the technical picture.

GBPUSD

GBPUSD is trying to stage a reversal following a two-day slide triggered by a widespread demand for the greenback. The pair derived support from a slightly ascending 20-DMA (today at 1.3880) on Friday and has been holding above this support zone since then. If this moving average withstands the pressure, a bounce could be expected in the coming days, with the overall trend remaining bullish. On the upside, the immediate target now arrives at the 1.4000 handle that capped bullish attempts earlier in the day. So, it looks like the pound may need an extra catalyst to make a decisive break above this level in order to climb back to the long-term highs registered last week.

USDJPY

USDJPY has been rallying for the fifth day in a row already. The pair climbed to five-week highs around 106.75 in recent trading before the upside momentum has slowed somehow. Now, as the daily RSI is flirting with the 70 barrier, further gains towards the 107.00 figure could attract profit-taking amid the overbought conditions. If the correction takes place from the current levels, the immediate support should be expected at 106.35, followed by the 105.90 figure. On the hourly charts, the RSI is turning lower but the overall technical picture remains buoyed as long as the pair stays above the ascending 20-SMA, today at 106.58.

XAUUSD

Gold prices bounced from fresh eight-month lows registered around $1,717 last Friday. The metal has faced local resistance in the $1,760 zone earlier in the day before retreating. The fact that the bullion struggles to attract demand despite the current low levels suggests that the recovery potential looks limited at the moment despite the daily RSI managed to stage a slight bounce from the 30 handle. On the downside, the $1,700 figure remains in market focus while the immediate resistance now arrives at the mentioned intraday highs. The key barrier, meanwhile, is represented by the descending 20-DMA that now arrives at the $1,800 psychological level.

NZDUSD

The Kiwi is licking its wounds on Monday following a two-day plunge that took the prices from August-2017 highs, down to the 0.7225 area last seen on February 19th. Since then, the pair has settled around the 20-DMA, still clinging to the lower end of the range. Earlier in the day, bullish attempts were capped just below the 0.7300 handle that now represents the key immediate target for bulls. On the downside, a break below the mentioned lows would pave the way towards 0.7200. Following the recent sell-off, the daily RSI has corrected lower from the overbought territory and was last seen flat, suggesting the pair could struggle for direction in the short 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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