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Home » Greenback struggles higher despite recent recovery

Greenback struggles higher despite recent recovery

by Joseph Deen
April 30, 2021 09:25
in Technical analysis
0
Pound corrects higher due to dollar weakness

The euro needs to hold above the 100-DMA in order to avoid deeper losses in the coming days

EURUSD

EURUSD was rejected from the 1.2150 area on Thursday and has been correcting lower since then. The pair slipped to 1.2090 in recent trading, staying below the 1.2100 figure during the European hours. If the common currency extends the retreat, the next support should be expected around 1.2050 where the key 100-DMA lies. The prices need to hold above this moving average in order to avoid deeper losses in the coming days. On the upside, a decisive recovery above 1.2100 would pave the way towards the mentioned tops. On the four-hour timeframes, the pair has just dipped under the 20-SMA, suggesting downside risks prevail at this stage.

GBPUSD

GBPUSD climbed to fresh local highs around 1.3975 yesterday but failed to preserve gains and retreated in recent trading. The cable slipped to the 1.3900 figure that acts as the immediate support now. If the pair manages to hold above this level in the short term, a bounce could be expected as dollar demand looks fragile despite the recent recovery. Otherwise, the prices would target the ascending 20-DMA that comes around 1.3877 while the key bearish barrier is represented by the 100-DMA, today at 1.3755. As the daily RSI is pointing just slightly lower, it looks like the selling pressure could be limited at this stage. On the upside, a recovery above 1.3960 would pave the way towards the 1.4000 key hurdle seen last week.

USDJPY

USDJPY turned flat on Friday, oscillating around the 20-DMA while struggling to make a decisive break above the 109.00 key immediate barrier. On Thursday, the pair edged higher to this week’s highs around 109.20 but failed to preserve gains and retreated slightly. However, the overall technical picture has improved somehow since the rebound from the 107.50 region. Now, the dollar needs to cling to the 20-DMA in order to regain the 109.00 figure in the short term. On the four-hour charts, the pair is stuck between the key moving averages, pointing to a neutral technical picture. in other words, the greenback struggles for direction as long as the prices keep clinging to the mentioned 20-day moving average.

USDCHF

USDCHF derailed the 0.9100 figure this week for the first time since early March. Since then, the pair has been under selling pressure, extending losses to 0.9078 on Friday. Now, the dollar is threatening the 100-DMA that arrives at 0.9060. A break below this moving average would attract more selling pressure in the coming days. Should this support withstand the current pressure, a bounce could be expected. During the recent retreat, USDCHF dipped below the 200-DMA, adding to the downbeat tone surrounding the greenback. In a wider picture, the pair has been losing ground for the fourth week in a row, threatening the 20-week moving average now.

USDCAD

USDCAD fell to fresh February-2018 lows on Friday, extending losses to the 1.2270 region despite the dollar looks fairly steady ahead of the weekend. The pair has been suffering losses for the third week in a row, and it looks like the prices could stay under the selling pressure in the short term as the daily RSI is just flirting with the oversold territory. The selling pressure has intensified since a break below the 20-DMA earlier this month. As long as the pair stays below this moving average (today at 1.2485), downside risks continue to persist. On the hourly charts, USDCAD stays below the 20-SMA, adding to a downbeat near-term technical picture.

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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