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

Dollar relatively steady following broad-based rally

May 3, 2021 04:50
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 relatively steady following broad-based rally

Dollar relatively steady following broad-based rally

by Joseph Deen
May 3, 2021 04:50
in Technical analysis
0
Pound corrects higher due to dollar weakness

The common currency remains within the short-term bullish trend and could resume the ascent following the correction

EURUSD

The euro bounced marginally at the beginning of the week, rebounding from last Friday’s sell-off that took the prices to lows just above the 1.2000 figure where the 20-DMA lies. Now, the recovery momentum is being capped by the 100-DMA that arrives at 1.2050. A decisive break above this barrier would pave the way towards the 1.2100 figure. In a wider picture, the common currency remains within the short-term bullish trend and could resume the ascent following some hesitation around the mentioned 100-DMA. On the downside, а break below 1.2000 would mark deterioration in the near-term technical picture.

GBPUSD

GBPUSD bounced from mid-April lows around 1.3800 earlier in the day. During the bounce, the pair climbed back above the 20-DMA to extend gains to the 1.3880 region. A daily close above this moving average (today at 1.3840) would be a bullish sign for the sterling in the short term. Of note, the pair has been deriving support from the ascending 100-DMA since mid-last year and will likely manage to stay above this moving average, especially as the daily RSI has reversed north on Monday. Now, GBPUSD needs to overcome the 1.3900 barrier in order to climb back to the 1.4000 key upside hurdle. On the hourly charts, the pair is targeting the 1.3900 figure where the 100- and 200-SMAs converge.

USDJPY

USDJPY retains a bullish tone on Monday, extending gains to mid-April highs around 109.70. A decisive break above this intermediate resistance would pave the way towards the 110.00 level, followed by the 110.20-110.30 area. Also on the positive side, the prices are now back above the descending 20-DMA while the RSI keeps pointing slightly higher in the neutral territory, suggesting there is room for further gains in the short term. On the four-hour timeframes, however, the RSI has reversed to correct lower from the overbought territory while the dollar was just rejected from the mentioned highs. Now, USDJPY needs to hold above 109.30 in order to retain a bullish tone.

XAUUSD

Gold prices bounced from the 20-DMA earlier in the day to turn positive on Monday following two days of losses. The precious metal got some relief as dollar demand has waved following the recent rally. Now, the prices need to regain the $1,790 area in order to see a stronger recovery and get back above the $1,2000 psychological level in the short term. On the four-hour timeframes, the technical picture looks upbeat as the prices have exceeded the 20-SMA while the RSI is pointing north in the neutral territory. In a wider picture, bullish attempts in the market have been capped by the 20-week SMA for the third week in a row.

NZDUSD

The Kiwi struggles for direction on Monday following a plunge seen on Friday amid broad-based demand for the safe-haven dollar. The pair derived support from the 100-DMA but lacks the impetus to stage a recovery as the greenback remains relatively steady for the time being. The prices now face the initial hurdle at 0.7180, a break above which would pave the way towards the 0.7200 figure. On the downside, if the mentioned moving average gives up, the 20-DMA (today at 0.7140) will come back into market focus for the first time since mid-April. In a wider picture, the pair keeps trending higher, albeit in an uneven and modest fashion.

Tags: EURUSDGBPUSDGoldNZDUSDUSDJPYXAUUSD
Share4Tweet3
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

Stocks under pressure amid profit-taking

Stocks under pressure amid profit-taking

February 17, 2021 05:50
14
Sentiment improves somehow ahead of US retail sales data

Sentiment improves somehow ahead of US retail sales data

July 16, 2021 05:44
11
Pound corrects higher due to dollar weakness

Greenback steadies but remains vulnerable

May 24, 2021 08:00
17

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