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Pound corrects higher due to dollar weakness

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Home » Greenback retreats within a broader uptrend

Greenback retreats within a broader uptrend

by Joseph Deen
March 31, 2021 07:05
in Technical analysis
0
Pound corrects higher due to dollar weakness

As the US Treasury yields came off fresh 14-month highs, the safe-haven dollar demand has eased slightly

EURUSD

The euro dipped to fresh November lows around 1.1700 earlier in the day before bouncing into positive territory. As the US Treasury yields came off fresh 14-month highs, the safe-haven dollar demand has eased slightly. This in turn helped the common currency to stay above the significant level. However, downside risks continue to persist surrounding the pair, especially as the prices failed to overcome the 1.1750 intermediate resistance in recent trading. On the hourly timeframes, EURUSD is flirting with the 20-SMA, a break below which would bring the 1.1700 figure back into market focus. If this level gives up in the short term, the European currency could target the 1.1640 region.

GBPUSD

The cable turned higher following two days of losses. However, the pair lacked upside momentum to challenge the 1.3800 figure, suggesting the recovery potential remains limited at this stage. Furthermore, the pound has been trading below the 20-DMA since early-March, adding to a more downbeat technical picture surrounding the sterling. At the same time, the pair remains relatively resilient amid the rising dollar while staying above the ascending 100-DMA, today at 1.3637. Meanwhile, the daily RSI is pointing only slightly higher in the neutral territory, suggesting GBPUSD could stay below 1.3800 in the near term.

USDJPY

USDJPY rallied to fresh one-year highs marginally below the 111.000 figure that represents the immediate target for dollar bulls now. The pair came off peaks in recent trading but was still trading nearly 0.30% higher for the day at the time of writing. The daily RSI continues to point north in the overbought territory, suggesting the upside momentum could slow down at this stage. In case of a more aggressive correction, the prices will target the 110.30 region, followed by 110.00. In a wider picture, the ascending 20-DMA remains in focus. As long as the dollar stays above this moving average (today at 109.00), upside risks persist.

AUDUSD

The Aussie managed to bounce from local lows below the 0.7600 figure on Wednesday. However, the pair encountered the ascending 100-DMA around 0.7620 and failed to extend gains. Still, AUDUSD was last seen trading marginally above 0.7600, up 0.26% for the day. A decisive break above the mentioned moving average would pave the way towards the 0.7645 zone, followed by 0.7660, and the 0.7700 figure last seen a week ago. In a wider picture, the Australian dollar remains vulnerable to fresh losses, with the 2021 lows around 0.7560 staying in market focus.

USDCAD

USDCAD peaked at three-week highs just below the 1.2650 area on Tuesday. However, the pair failed to preserve gains and turned negative today as dollar demand has eased. The prices retreated below the 1.2600 figure during the European hours and were last seen trading 0.26% lower for the day. Despite the downside correction, USDCAD stays well above the 20-DMA, today at 1.2560. As long as this moving average acts as support, bearish risks are limited. On the four-hour charts, the pair is flirting with the 20- and 200-SMAs that converge just at the 1.2600 handle that remains in market focus for now. On the upside, the immediate target arrives at 1.2630.

Tags: AUDUSDEURUSDGBPUSDUSDCADUSDJPY
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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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