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

Dollar recovery looks muted

April 21, 2021 06:24
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 recovery looks muted

Dollar recovery looks muted

by Joseph Deen
April 21, 2021 06:24
in Technical analysis
0
Pound corrects higher due to dollar weakness

In a wider picture, it looks like EURUSD could resume the ascent after some downside correction

EURUSD

EURUSD failed to confirm a break above the 100-DMA on Tuesday, extending the pullback from fresh highs around 1.2080 on Wednesday. At the time of writing, the pair was challenging the 1.2000 figure, a break below which would bring more intense selling pressure in the short term as dollar demand has reemerged following the recent sell-off. As a result, the daily RSI reversed south in the neutral territory, suggesting the path of least resistance appears to the downside at this stage. In a wider picture, however, it looks like EURUSD could resume the ascent after some downside correction and break above the mentioned moving average (today at 1.2055) eventually. In this scenario, the euro could overcome the 1.2080 intermediate barrier to target the 1.2100 hurdle next.

GBPUSD

GBPUSD peaked at 1.4000 on Tuesday before reversing the latest gains later in the day. Today, the cable struggles for direction, trying to stay afloat despite some recovery in dollar demand amid the prevailing risk-off tone in stock markets. The pair has settled around 1.3935, off intraday lows seen at 1.3909 earlier in the day. As long as the prices stay above the 1.3900 figure, downside risks surrounding the pound look limited. On the hourly charts, GBPUSD is flirting with the descending 20-SMA while the RSI looks directionless, pointing to a neutral technical picture in the short term.

USDJPY

USDJPY has been trending south for the eighth consecutive session on Wednesday. The pair extended losses to fresh early-March lows around 107.87 earlier in the day, trying to cling to the 108.00 figure during the European hours. A daily close below this level would bring more selling pressure, with the next bearish target coming at 107.80. If this zone gives up, the 107.00 figure will come back into market focus. On the upside, USDJPY needs to stage a decisive recovery above 109.00 in order to regain the 20-DMA that arrives today at 109.42. As long as the pair stays below this moving average, downside risks continue to persist. For the time being, it looks like the path of least resistance remains to the downside.

XAUUSD

Gold prices made another failed attempt to break above the $1,790 intermediate resistance earlier in the day before turning flat in recent trading. The bullion managed to bounce from the 20-DMA last week but still lacks upside momentum to regain the $1,800 target these days. Today, recovery attempts are capped by a marginally stronger dollar. It is possible that the XAUUSD pair could fail to hold above the $1,775 region in the short term. In this scenario, the yellow metal could target the $1,760 region that represents the next support zone. On the hourly charts, the technical picture has deteriorated somehow following a break below the 20-SMA.

USDCHF

USDCHF has been creeping higher for the second day in a row on Wednesday. At the start of the week, the pair dipped to early-March lows around 1.9130 and has been erasing losses since then. However, the dollar lacks upside momentum to stage a more robust recovery, suggesting the bullish potential is limited at this stage, with downside risks persisting. The immediate target for USD bulls now arrives at 0.9200, followed by the 0.9230 area. On the downside, failure to hold above the mentioned lows would pave the way towards the 100-DMA that arrives just below the 0.9100 figure. On the four-hour charts, the pair was last seen flirting with the 20-SMA while the RSI is pointing lower, adding to signs of limited recovery potential.

Tags: EURUSDGBPUSDUSDCHFUSDJPYXAUUSD
Share3Tweet2
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
Investors spooked by strong US data
Fundamental analysis

Investors spooked by strong US data

December 23, 2022 11:55
11
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

Leave Your Opinion Cancel reply

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

Recommended

Federal Reserve Board announces approval of application by Huntington Bancshares Incorporated

May 25, 2021 14:45
10
Markets struggle for direction, dollar steady after gains

Markets struggle for direction, dollar steady after gains

August 5, 2021 11:08
14
Euro struggles below three-month highs, yen demand persists

Greenback mostly lower to start the week, the Kiwi may face bearish correction

June 8, 2020 11:05
12

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