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Pound corrects higher due to dollar weakness

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Home » Greenback struggles for direction, stays mixed

Greenback struggles for direction, stays mixed

by Joseph Deen
April 13, 2021 09:28
in Technical analysis
0
Pound corrects higher due to dollar weakness

In the EURUSD pair, the directionless 20-DMA has been acting as support for a week already

EURUSD

EURUSD failed to preserve early gains and turned negative in recent trading. The pair is now back under the 1.1900 figure while clinging to the 200-DMA. As long as the common currency stays below the 1.1930 resistance zone, bearish risks continue to persist. On the downside, the directionless 20-DMA has been acting as support for a week already. If the pair derails this moving average, the technical picture would deteriorate significantly. On the hourly charts, EURUSD has dipped under the 100-SMA in recent trading, adding to a gloomier outlook in the immediate term, with the RSI pointing lower as well. The pair was last seen trading at 1.1890, 0.135 lower on the day.

GBPUSD

GBPUSD remains stuck between the 20- and 100-DMAs while trading in a tightening range these days. The cable struggles for direction around 1.2740 during the European hours, with the 1,3770 area acting as the immediate upside barrier. It looks like the pair may need an extra catalyst to challenge the 20-DMA, today at 1.3792. If the 1.3800 figure gives up in the days to come, the 1.4000 psychological barrier will come back into market focus for the first time in a month. However, this bullish scenario looks unlikely at this stage. It looks like the pound will continue to consolidate in a tight range before deciding on a further direction. In the immediate term, downside risks persist.

USDJPY

USDJPY failed to make a decisive break above the 20-DMA once again earlier in the day before turning negative on the daily charts in recent trading. The pair has settled around 109.15, still holding above the 109.00 figure that represents the key immediate support. If this level doesn’t withstand the pressure, the 108.70 region will come into market focus initially. On the upside, a daily close above the mentioned moving average (today at 109.53) would pave the way towards the 110.00 figure. On the hourly charts, the technical picture has substantially deteriorated in recent trading, with the RSI pointing south, flirting with the oversold conditions already.

USDCHF

USDCHF found a bottom around one-month lows marginally above the 0.9200 figure before reversing higher in recent trading. The pair climbed to session highs in the 0.9260 area but failed to overcome this local barrier and retreated marginally. The dollar was last seen trading at 0.9250, +0.28% on the day. Despite the recovery, upside potential remains limited as long as the pair stays below the 20-DMA, today at 0.9325. On the four-hour charts, the pair was last seen flirting with the descending 20-DMA, a break below which would bring the mentioned lows back into market focus.

USDCAD

USDCAD has been rising since Monday, having exceeded the 20-DMA. Now, the pair is targeting the 1.2600 figure, a decisive break above which would pave the way towards local highs around 1.2650 last seen in late March. However, the dollar could face resistance in the near term and erase some gains following the recent bounce as the upside potential still looks limited. Of note, the daily RSI is pointing only slightly higher, suggesting further gains will likely be capped. On the four-hour charts, the prices have settled above the key moving averages while the RSI keeps trending north, but at the current levels, a short-term resistance is looming as well.

Tags: EURUSDGBPUSDUSDCADUSDCHFUSDJPY
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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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