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Pound corrects higher due to dollar weakness

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Home » Dollar retreats marginally but still looks steady

Dollar retreats marginally but still looks steady

by Joseph Deen
March 22, 2021 08:25
in Technical analysis
0
Pound corrects higher due to dollar weakness

The safe-haven greenback demand could reemerge at any point, with US 10-year Treasury yields staying elevated

EURUSD

The euro bounced from the 1.1870 area, to climb back to the 1.1900 figure, regaining ground following another local sell-off seen at the start of the day. Despite the recovery, the common currency still looks vulnerable to fresh losses as the safe-haven dollar demand could reemerge at any point, with US 10-year Treasury yields staying elevated. In a wider picture, the common currency continues to gradually retreat from long-term highs seen around 1.2350 earlier this year. Now, the pair needs to make a decisive break above 1.2000 in order to see a less bearish technical picture. On the four-hour timeframes, the euro was last seen targeting the 20-SMA, today at 1.1920.

GBPUSD

GBPUSD failed to regain the 20-DMA last week amid broad-based strength in the greenback. On Monday, the cable initially retreated to 1.3817 before erasing intraday losses. The pair needs to overcome the 1.3870 region in order to retarget the 1.4000 figure that capped gains last week. The pair may need an extra catalyst to challenge this barrier in the coming days. On the downside, the market focus remains on the 1.3800 support zone despite the pair’s relatively steady reaction to dollar strength. For the time being, the path of least resistance remains to the downside. The immediate upside target arrives at 1.1835 where the mentioned 20-DMA lies.

USDJPY

USDJPY continues its consolidation within a limited trading range while extending a gradual decline from local highs around 109.35. Earlier today, the pair faced resistance just below the 109.00 figure that continues to represent the immediate barrier for dollar bulls. As long as the prices stay below this level, the upside potential remains limited. On the downside, the 108.50 area is now in market focus. A break below this level would pave the way towards the 108.30 region. However, bearish potential looks limited at this stage. On the hourly charts, the greenback has settled below the key moving averages, adding to a more downbeat short-term technical picture.

XAUUSD

Gold prices turned negative on the day following a rejection from the $17,45 area earlier in the day. As a result, the bullion briefly slipped below the $1,730 region before bouncing slightly. The XAUUSD pair was last seen flirting with the 20-DMA (today at $1,733). A daily close above this moving average would somehow improve the short-term technical picture while the key short-term upside hurdle arrives in the $1,755 area that capped upside attempts last week. On the downside, the bullion needs to hold above the $1,720 area in order to reclaim the $1,700 figure as support. For the time being, dynamics in the market looks neutral.

NZDUSD

The Kiwi bounced from local lows seen at 0.7135 earlier in the day, to turn positive during the European hours. The pair climbed to the 0.7165 area that represents the immediate resistance for the time being. If the prices manage to overcome this barrier in the short-term, the 0.7200 figure will come back into market focus. However, it looks like the New Zealand dollar would struggle to see more sustained gains at this stage, as the greenback remains relatively steady at the start of the week. On the downside, a break below the mentioned lows would pave the way towards the 0.7100 key support that capped the selling pressure earlier this month.

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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