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Home » Greenback struggles to regain upside momentum at the start of the week

Greenback struggles to regain upside momentum at the start of the week

by Joseph Deen
April 26, 2021 07:22
in Technical analysis
0
Pound corrects higher due to dollar weakness

As the greenback bounced from local lows marginally, the common currency could struggle to extend the rally in the near term

EURUSD

EURUSD rose to fresh two-month highs above the 1.2100 figure before retreating back to the flat-line in recent trading. Now, the pair has settled below this level, a decisive break above which is necessary for bullish extension in the short term. As the greenback bounced from local lows marginally, the common currency could struggle to extend the rally in the near term while the overall technical picture looks upbeat as long as the prices stay above the 1.1925 region where the 20- and 200-DMAs converge. On the hourly charts, the euro was last seen flirting with the 20-SMA, a break below which would open the way towards the 1.2080 immediate support zone.

GBPUSD

GBPUSD has been rising for the second day in a row on Monday as the pair managed to stay above a slightly ascending 20-DMA last week. Since the bounce from this moving average, the cable has climbed to the 1.3930 area earlier in the day and was last seen holding marginally above the 1.3900 figure while the key short-term barrier still arrives at 1.4000. this figure capped gains last week and could trigger another rejection should the pair continues to trend higher these days. On the four-hour charts, GBPUSD is flirting with the 20-DMA while the RSI is flat in neutral territory, suggesting the near-term technical picture looks neutral for now.

USDJPY

USDJPY has been gradually retreating from the 111.00 figure seen in late March. Today, the pair extended losses to 107.64, refraining from challenging Friday’s lows in the 107.47 region. Despite the selling pressure surrounding the greenback has eased somehow, the overall technical picture remains bearish, especially as the pair extends the retreat from the 20-DMA that arrives at 109.17. On the hourly charts, the pair has settled below the 20-SMA, adding to the negative tone surrounding the greenback. A decisive break below the 107.50 area would pave the way towards the 107.00 figure that acts as the next target for dollar bears.

XAUUSD

Gold prices remain stuck in a range between the 20- and 100-DMAs these days. On Monday, the precious metal turned marginally positive following two days of losses, but still lacks the momentum to see a more robust correction from local lows seen around $1,770 last Friday. As long as the bullion remains below the 100-DMA (today at $1,801), downside risks persist despite the ongoing weakness surrounding the dollar. As the daily RSI looks directionless in the neutral territory, it looks like the prices could struggle to stage a stronger recovery in the short term.

AUDUSD

The Aussie extends its bounce from the 100-DMA that acted as support late last week. As a result, the pair climbed to local highs just below the 0.7800 figure on Monday, retaining a strong bullish tone during the European hours. Now, the Australian dollar needs to overcome this barrier in order to see more gains in the short term. Otherwise, the mentioned moving average (today at 0.7685) will come back into market focus. The daily RSI is pointing north in the neutral territory, suggesting the pair could retain the upside tone for the time being. Also on the positive side, AUDUSD has settled above the key moving averages in the four-hour charts.

Tags: AUDUSDEURUSDGBPUSDGoldUSDJPYXAUUSD
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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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