• Latest
  • Trending
  • All
Pound corrects higher due to dollar weakness

Dollar regains ground, bullish trend intact

April 6, 2021 07:14
Equities struggle amid economic and China-related concerns

Equities struggle amid economic and China-related concerns

December 29, 2022 08:55
Dollar lacks upside momentum due to lower Treasury yields

Currencies stuck in ranges as New Year holiday looms

December 28, 2022 07:01
Stocks gain, dollar eases ahead of job market data

Dollar pressured by positive risk sentiment in thin markets

December 27, 2022 04:50
Dollar lacks upside momentum due to lower Treasury yields

Dollar tries to shrug off the pressure

December 26, 2022 05:13
Investors spooked by strong US data

Investors spooked by strong US data

December 23, 2022 11:55
Dollar lacks upside momentum due to lower Treasury yields

Dollar back under pressure after short-lived relief

December 22, 2022 05:17
Risk demand reemerges cautiously, but caution remains in place

Risk demand reemerges cautiously, but caution remains in place

December 21, 2022 08:49
Dollar lacks upside momentum due to lower Treasury yields

US dollar resists selling pressure

December 20, 2022 10:44
Market sentiment dented by recession fears

Market sentiment dented by recession fears

December 19, 2022 02:53
Dollar lacks upside momentum due to lower Treasury yields

Greenback stays on the defensive nearly across the board

November 16, 2022 05:34
Investor sentiment improves, but gains limited

Investor sentiment improves, but gains limited

November 15, 2022 05:46
Dollar lacks upside momentum due to lower Treasury yields

Dollar licks wounds after plunge

November 14, 2022 05:05
  • Terms & Сonditions
  • Contact
Tuesday, February 7, 2023
FWNews - pulse of the forex market
  • FUNDAMENTALS
    Equities struggle amid economic and China-related concerns

    Equities struggle amid economic and China-related concerns

    Stocks gain, dollar eases ahead of job market data

    Dollar pressured by positive risk sentiment in thin markets

    Investors spooked by strong US data

    Investors spooked by strong US data

    Risk demand reemerges cautiously, but caution remains in place

    Risk demand reemerges cautiously, but caution remains in place

    Market sentiment dented by recession fears

    Market sentiment dented by recession fears

    Investor sentiment improves, but gains limited

    Investor sentiment improves, but gains limited

    Risk sentiment keeps deteriorating, dollar climbs

    Stocks celebrate US inflation, dollar slumps

    Virus, US-China tensions hit global markets

    Market sentiment turns cautious amid events in the US

    Investors look indecisive ahead of another volatile week

    Investors look indecisive ahead of another volatile week

  • TECHNICALS
  • Interest Rates
  • Economic calendar
  • Backstage
No Result
View All Result
FWNews - pulse of the forex market
  • FUNDAMENTALS
    Equities struggle amid economic and China-related concerns

    Equities struggle amid economic and China-related concerns

    Stocks gain, dollar eases ahead of job market data

    Dollar pressured by positive risk sentiment in thin markets

    Investors spooked by strong US data

    Investors spooked by strong US data

    Risk demand reemerges cautiously, but caution remains in place

    Risk demand reemerges cautiously, but caution remains in place

    Market sentiment dented by recession fears

    Market sentiment dented by recession fears

    Investor sentiment improves, but gains limited

    Investor sentiment improves, but gains limited

    Risk sentiment keeps deteriorating, dollar climbs

    Stocks celebrate US inflation, dollar slumps

    Virus, US-China tensions hit global markets

    Market sentiment turns cautious amid events in the US

    Investors look indecisive ahead of another volatile week

    Investors look indecisive ahead of another volatile week

  • TECHNICALS
  • Interest Rates
  • Economic calendar
  • Backstage
No Result
View All Result
FWNews - pulse of the forex market
No Result
View All Result

Home » Dollar regains ground, bullish trend intact

Dollar regains ground, bullish trend intact

by Joseph Deen
April 6, 2021 07:14
in Technical analysis
0
Pound corrects higher due to dollar weakness

It looks like the common currency could resume the downside move following some consolidation

EURUSD

The euro managed to bounce back above the 1.1800 figure on Monday due to broad-based weakness surrounding the dollar. Earlier today, EURUSD has encountered resistance around 1.1820 before turning flat for the day in recent trading. Now, the pair is yet to confirm the latest recovery above 1.1800 on a daily closing basis. Despite the recent upside correction, bearish risks continue to persist, and it looks like the common currency could resume the downside move following some consolidation around the current levels as the greenback remains within a strong uptrend. On the hourly charts, the euro is trying to settle above the ascending 20-SMA but the directionless RSI suggests the upside potential is limited in the immediate term as well.

GBPUSD

GBPUSD has already erased yesterday’s gains, to turn back below the 20-DMA, today at 1.3840. Now, the cable needs to hold above the 1.3810 region in order to avoid a deeper retreat from the 1.3920 barrier seen earlier in the day. The pound also needs to see a robust and sustainable recovery above 1.3900 on a daily closing basis to retarget the 1.4000 psychological level last seen on March 18. In the immediate term, the path of least resistance is to the downside, especially as the daily RSI is pointing lower again while the mentioned moving average continues to act as resistance. GBPUSD was last seen trading at 1.3832, down 0.46% for the day.

USDJPY

USDJPY briefly slipped below the 110.00 figure on Monday but managed to close the day above this level. Today, the pair regained upside momentum and was last seen flirting with the 110.50 intermediate resistance, a decisive break above which would pave the way towards the 111.00 key barrier that capped gains last week. Also on the positive side, the prices have been holding above the ascending 20-DMA since early January, representing a strong support zone, today at 109.40. On the four-hour charts, the dollar was last seen challenging the 20-SMA while the RSI was pointing north, suggesting USDJPY could extend the ascent in the short term and climb back to the mentioned target eventually.

NZDUSD

The Kiwi turned negative on Tuesday following four consecutive days of gains. The pair once again failed to challenge the 20-DMA that has been acting as resistance since late January. Now, the prices are threatening the 0.7000 figure, a break below which would pave the way towards November lows seen around 0.6940 last week. On the hourly charts, NZDUSD is now below the 20- and 100-SMAs while targeting the 200-SMA that arrives just at the 0.7000 figure. On the upside, the pair needs to regain the 0.7050 area in order to retarget the 20-day moving average that arrives at 0.7080 today.

USDCHF

USDCHF managed to hold above the 20-DMA during the recent decline, to turn back positive on Tuesday. The pair bounced from nearly two-week lows around 0.9350 but still failed to regain the 0.9400 figure that now represents the key hurdle for dollar bulls. It looks like the prices could struggle to see a more robust ascent in the short term while in general, the broader technical picture remains upbeat, with the greenback is marginally off mid-2020 highs seen around 0.9470 last week. Furthermore, the mentioned moving average (today at 0.9333) has been acting as support for three months already and will likely continue to do so.

Tags: EURUSDGBPUSDNZDUSDUSDCHFUSDJPY
Share2Tweet2
ADVERTISEMENT
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.

Related Posts

Equities struggle amid economic and China-related concerns
Fundamental analysis

Equities struggle amid economic and China-related concerns

December 29, 2022 08:55
16
Dollar lacks upside momentum due to lower Treasury yields
Technical analysis

Currencies stuck in ranges as New Year holiday looms

December 28, 2022 07:01
12
Stocks gain, dollar eases ahead of job market data
Fundamental analysis

Dollar pressured by positive risk sentiment in thin markets

December 27, 2022 04:50
12
Dollar lacks upside momentum due to lower Treasury yields
Technical analysis

Dollar tries to shrug off the pressure

December 26, 2022 05:13
12
Dollar lacks upside momentum due to lower Treasury yields
Technical analysis

Dollar back under pressure after short-lived relief

December 22, 2022 05:17
16
Dollar lacks upside momentum due to lower Treasury yields
Technical analysis

US dollar resists selling pressure

December 20, 2022 10:44
14

Leave Your Opinion Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Dollar lacks upside momentum due to lower Treasury yields

Greenback holds onto gains, holding just below fresh peaks

July 7, 2022 05:05
22

Federal Reserve Board extends temporary actions aimed at increasing the availability of intraday credit extended by Federal Reserve Banks

October 1, 2020 11:00
10

Here’s what changed in the new Fed statement

September 16, 2020 14:31
10

Ads

Shneider Electric

Most Popular

A slow start to the week in FX markets
Technical analysis

Dollar regains ground to start the week

January 25, 2021 07:25
118
A slow start to the week in FX markets
Technical analysis

Greenback advances modestly amid strong data

May 28, 2021 07:38
110
Kim Jong Un reportedly says his nuclear weapons guarantee there will be no more war
News

Kim Jong Un reportedly says his nuclear weapons guarantee there will be no more war

July 28, 2020 08:29
95
FWNews

Copyright © 2022 FWNews

  • Terms & Сonditions
  • Contact
No Result
View All Result
  • FUNDAMENTALS
  • TECHNICALS
  • Interest Rates
  • Economic calendar
  • Backstage

Copyright © 2022 FWNews