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Pound corrects higher due to dollar weakness

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Home » Greenback keeps regaining ground across the board

Greenback keeps regaining ground across the board

by Joseph Deen
March 4, 2021 06:37
in Technical analysis
0
Pound corrects higher due to dollar weakness

If the 100-DMA gives up, the euro will target the 1.2000 psychological handle that was briefly derailed earlier in the week

EURUSD

Following failed attempts to confirm recovery above the 20-DMA, the euro resumed the decline, to touch the 10-DMA in recent trading. A break below this moving average (today at 1.2027) on a daily closing basis would mark further deterioration in the short-term technical picture. Furthermore, if this level gives up, the common currency will target the 1.2000 psychological handle that was briefly derailed earlier in the week. The daily RSI is pointing lower, suggesting bearish momentum could persist in the short term. On the hourly charts, the pair is now back under the ley moving averages, adding to the negative technical picture.

GBPUSD

GBPUSD continues to trade within a limited range these days, showing a modest bearish bias amid the resurgent dollar demand as risk sentiment turned sour again. The pair was last seen flirting with the 20-DMA that continues to act as support so far. If this moving average gives up, the selling pressure surrounding the cable could intensify as the pair may see a deeper downside correction from long-term highs before buyers reenter the game and lift the prices back above the 1.4200 last seen one week ago. On the four-hour timeframes, the pound is stuck just below the key moving averages while the RSI looks directionless in the neutral territory, which implies that the pair could see further consolidation before deciding on a further direction.

USDJPY

Following a break above the 107.00 barrier, USDJPY extended the rally towards fresh eight-month highs around 107.35. The pair was trading around the mentioned tops during the European hours, suggesting the upside momentum remains strong despite the daily RSI has entered the overbought territory earlier this week. climbing to 73.60. If the dollar manages to challenge this area, the 107.50 next resistance will come back into market focus. On the downside, the 107.15 area would act as the immediate support on the way towards 107.00. Of note, USDJPY has reached the 100-weekly SMA, so a break above this level is critical for a bullish extension.

USDCHF

USDCHF rose to September 2020 highs around 0.9235 on Thursday. The ascent has accelerated following a break above the descending 200-DMA at 0.9130 earlier in the week. As a result, the daily RSI has entered the overbought territory, suggesting the bullish momentum could wane soon. If so, the immediate support is now represented by the 0.9200 figure. A daily close above this level is crucial for further gains. On the four-hour charts, USDCHF stays firmly above the ascending 20-SMA, suggesting the short-term technical picture remains upbeat despite the overbought conditions.

USDCAD

USDCAD bounced from intraday lows around 1.2630, to settle around the flat-line in recent trading. The pair has been fighting with the descending 20-DMA since the beginning of the week, with downside risks persisting as long as the dollar stays below this moving average, today at 1.2660. The daily RSI has now turned flat in the neutral territory, suggesting the pair could struggle for direction in the short term. On the four-hour timeframes, USDCAD was last seen flirting with the 100- and 20-SMAs, while the 200-SMA acts as the key near-term resistance at 1.2700. the intermediate barrier is now represented by the 1.2675 region.

Tags: EURUSDGBPUSDUSDCADUSDCHFUSDJPY
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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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