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Pound corrects higher due to dollar weakness

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April 16, 2021 06:47
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Home » Dollar makes modest recovery attempts ahead of the weekend

Dollar makes modest recovery attempts ahead of the weekend

by Joseph Deen
April 16, 2021 06:47
in Technical analysis
0
Pound corrects higher due to dollar weakness

The common currency struggles to overcome the 1.2000 psychological barrier despite dollar weakness this week

EURUSD

EURUSD derived support from the 1.1950 region earlier in the day to bounce back into positive territory during the European hours. Despite the recovery, the common currency struggles to overcome the 1.2000 psychological barrier that prevents the prices from a more robust ascent despite dollar weakness this week. A decisive break above this resistance would pave the way towards the 100-DMA around 1.2050. On the downside, the pair will likely hold above the mentioned local support in the short term. Otherwise, the 200-DMA at 1.1900 will come back into market focus. On the hourly charts, the technical picture remains relatively upbeat as long as the euro stays above the 20-SMA.

GBPUSD

GBPUSD remains stuck in a tight trading range, oscillating around the 20-DMA, today at 1.3770. Bearish attempts were once again capped by the ascending 100-DMA earlier in the day, suggesting this moving average is acting as fairly strong support at this stage. As long as the cable holds above this SMA (today at 1.3700), downside risks look limited. In general, the technical picture looks unbiased for now, with the daily RSI staying directionless in the neutral territory. On the upside, a decisive break above the 1.3800 figure would trigger an exit out of the range. The pound was last seen trading at 1.3782, unchanged on the daily timeframes.

USDJPY

USDJPY makes some recovery attempts on Friday following four days of losses. Earlier today, the pair slipped to fresh April low around 108.60 before bouncing into positive territory. However, the dollar still lacks momentum to stage a more robust recovery, staying just above the opening levels following rejection from intraday highs just shy of the 109.00 figure that represents the key immediate barrier for dollar bulls now. On the four-hour charts, the upside potential is capped by the descending 20-DMA while the RSI is pointing slightly lower in neutral territory. In a wider picture, the pair keeps sliding from one-year highs seen last month just below the 111.00 figure.

XAUUSD

XAUUSD bounced strongly from the 20-DMA on Thursday to stage a decent rally towards $1,770. Today, gold prices extended gains to the $1,773 figure last seen in late February. If the bullion manages to overcome this barrier, the descending 100-DMA at $1,803 will come back into market focus. However, as the selling pressure surrounding the greenback has eased, it looks like the precious metal will struggle to stage a more aggressive recovery in the short term. On the downside, the 20-DMA continues to act as the key support around $1,734. A daily and weekly close above the $1,755 region would be a bullish sign for the bullion.

NZDUSD

NZDUSD corrects lower from April highs on Friday following three days of gains in a row. The pair peaked around 0.7180 before turning negative on the day. Still, the prices managed to hold above the 100-DMA at 0.7144 that represents the immediate support at this stage. If this moving average gives up, the pair would target the 0.7130 region that caps the way towards the 1.7100 handle. The daily RSI turned flat in the neutral territory, suggesting the upside potential is limited for now. On the four-hour charts, the RSI has corrected slightly from the overbought territory while the prices are holding above the key moving averages, suggesting the near-term technical picture looks neutral-to-positive.

Tags: EURUSDGBPUSDNZDUSDUSDJPYXAUUSD
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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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