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Pound corrects higher due to dollar weakness

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Home » Dollar remains steady despite waning demand

Dollar remains steady despite waning demand

by Joseph Deen
March 16, 2021 07:07
in Technical analysis
0
Pound corrects higher due to dollar weakness

USDJPY keeps trending north, holding around fresh mid-20202 highs registered at 109.35 on Monday

EURUSD

The euro turned flat on the day in recent trading, following a bounce from the intraday high of 1.1913. still, the pair lacks momentum to stage a more robust recovery while staying below the 1.1940 immediate barrier. On the downside, the key immediate support is represented by the 1.1900 handle. as long as the common currency stays above this level, downside risks are limited in the short term. In a wider picture, the pair continues to retreat from long-term highs registered above 1.2350 in January. The euro needs to see a decisive rebound above 1.2000 in order to partially shrug off the current weakness.

GBPUSD

GBPUSD has been under selling pressure since late last week. The pair dipped back below the 20-DMA that now represents the immediate resistance for sterling bulls. The cable was last seen changing hands just above one-week lows registered earlier in the day at 1.3808. As such, it looks like the pair could derail the 1.3800 figure in the short term. If so, the pound could derive support from the 1.3780 area. On the four-hour charts, GBPUSD is now below the key moving averages, which implies that the downside pressure will likely persist in the immediate term. On the upside, the nearest resistance now arrives at 1.3880, followed by the 1.3900 figure.

USDJPY

USDJPY keeps trending north, holding around fresh mid-20202 highs registered at 109.35 on Monday. It looks like the greenback is ready to extend the ascent in the coming days despite the daily RSI has settled in the overbought territory earlier this month. If the prices manage to challenge the mentioned highs, the 109.70 resistance area will come into market focus while the next key barrier arrives at 110.00. However, the greenback could see a bearish reversal before this level appears on the horizon. In the immediate term, USDJPY needs to see another daily close above the 109.00 level in order to retain bullish bias and make further upside attempts.

XAUUSD

Gold prices keep relatively steady these days while holding above the $1,700 figure on Tuesday. However, the bullion lacks upside momentum to make a decisive break above the 20-DMA, today at $1,742. This moving average has been acting as resistance for nearly two months already, and it looks like the precious metal will hardly be able to overcome this barrier any time soon. In other words, bearish risks continue to persist despite the recent bounce from May 2020 lows seen last week below $1,680. On the hourly charts, the prices were last seen flirting with the flat 20-SMA, suggesting the current consolidation could persist for some time before the bullion decides on the further direction.

AUDUSD

After failed bullish attempts on Monday, the Aussie turned lower today, still struggling to overcome the 20-DMA that has been acting as resistance for nearly two weeks already. As long as the pair stays below this moving average (today at 0.7780), downside risks persist. On the downside, the prices need to hold above the 0.7700 figure in order to avoid a deeper retreat in the short term. Otherwise, last week’s lows in the 0.7620 region will come back into market focus. Of note, the daily RSI is pointing slightly lower in the neutral territory, suggesting there is room for further downside. On the four-hour charts, AUDUSD was rejected from the 20-SMA earlier in the day, adding to the downbeat short-term technical picture surrounding the Australian dollar.

Tags: AUDUSDEURUSDGBPUSDGoldUSDJPYXAUUSD
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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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