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Home » Dollar recovery losses steam in Europe

Dollar recovery losses steam in Europe

by Joseph Deen
March 10, 2021 08:13
in Technical analysis
0
Pound corrects higher due to dollar weakness

The euro is off intraday lows but is yet to regain the 1.1900 figure

EURUSD

EURUSD came off intraday lows during the European hours as dollar recovery from yesterday’s losses seems to be losing momentum. The pair climbed to the flat-line and was last seen flirting with the 1.1900 handle, a decisive break above which is necessary for a more pronounced recovery attempt. On the hourly charts, the common currency exceeded the 20-SMA but is yet to confirm the local breakout on a daily closing basis as the upside momentum looks too modest for the time being to bet on stronger gains in the short term. In a wider picture, a significant hurdle arrives at the 1.2000 figure, followed by the 100-DMA, today at 1.2030. On the downside, the focus remains on the multi-week lows in the 1.1830 area.

GBPUSD

GBPUSD is little changed on Wednesday after recovery from intraday lows around 1.3845. Despite the latest bounce, the cable still lacks momentum to challenge the ascending 20-DMA that capped bullish attempts yesterday. However, the pound remains rather steady despite dollar strength, continuing to cling to long-term highs seen last month above 1.4200. So, the pair could resume the ascent following some hesitation, to challenge fresh tops once the prices settle firmly above the 1.4000 figure. On the downside, the immediate support arrives at 1.3800. As long as GBPUSD stays above this level, bearish risks are limited.

USDJPY

USDJPY regained a bullish tone following a correction seen yesterday. The pair peaked at 109.23 but failed to confirm another breakout and finished below 109.00 on Tuesday. Today, the dollar refrains from another bull run at this hurdle while trading 0.24% higher on the day. The prices derive support from the 108.40 region that represents a barrier on the way towards 108.00. On the four-hour charts, USDJPY was last seen flirting with the ascending 20-SMA, a break below which could trigger a retreat to the mentioned support. In a wider picture, however, the greenback remains strongly bullish, with the scope for further gains persisting.

XAUUSD

Gold prices bounced from fresh mid-202 lows earlier in the week, recovering above the $1,700 handle. Now, the immediate barrier stands at $1,720, with the bullion lacking upside momentum to stage a more robust and sustained rebound. If the dollar receives another boost in the short term, the XAUUSD pair could easily get back below $1,700 and even challenge fresh long-term lows below $1,680. Furthermore, as the daily RSI has bounced to settled in the neutral territory, there is scope for further losses from the technical point of view as well. On a potential break above the $1,720 barrier, the $1,740 region could attract selling interest while the key hurdle arrives at $1,760 where the 20-daily moving average lies.

USDCHF

The pair is trading marginally higher on Wednesday, struggling to stage a more solid recovery from losses seen yesterday when the prices were rejected from fresh mid-2020 peaks. USDCHF was last seen changing hands marginally below the 0.9300 figure that represents the immediate upside barrier for the time being. However, the greenback could yet regain this level during the day as risk demand remains subdued across the global financial markets. On the four-hour timeframes, the upside potential in the pair is being capped by the 20-SMA that arrives at 0.9316. a decisive break above this local hurdle would somehow improve the short-term technical picture surrounding the pair.

Tags: EURUSDGBPUSDGoldUSDCHFUSDJPYXAUUSD
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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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