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

Dollar mixed but relatively steady after a rally

May 5, 2021 03:33
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 mixed but relatively steady after a rally

Dollar mixed but relatively steady after a rally

by Joseph Deen
May 5, 2021 03:33
in Technical analysis
0
Pound corrects higher due to dollar weakness

There is a chance that the euro will make fresh recovery attempts during the US trading later today

EURUSD

EURUSD slipped to April 19 lows around 1.1985 before bouncing to the 1.2000 figure where the 20-DMA lies. Еhe euro needs to turn this moving average back into support in order to stage a recovery and avoid deeper losses in the short term. Now, as the common currency turned flat on the day, there is a chance that the pair will make fresh recovery attempts during the US trading later today if the greenback refrains from another rally. On the four-hour charts, the RSI has reversed north, but the prices are yet to regain the key moving averages in order to see more sustained gains. In the immediate term, downside risks have receded somehow but continue to persist.

GBPUSD

The cable bounced from the 20-DMA on Tuesday to trim intraday losses. Today. The pair turned positive, regaining the 1.3900 figure. The pound extended the recovery to the 1.3925 area, nearing this week’s highs around 1.3930. If this figure gives up, GBPUSD would retarget the 1.3975 intermediate resistance last seen on April 29, while the key upside target still arrives at 1.4000. On the downside, the immediate support lies at 1.3875, followed by the 20-DMA at 1.3853. In a wider picture, the cable remains bullish as long as the ascending 20-week moving average acts as support, albeit the upside momentum has waned since February when the pair exceeded the 1.4200 figure amid broad-based dollar weakness.

USDJPY

USDJPY rose on Tuesday but lacked upside momentum to challenge this week’s highs around 109.70 that triggered a bearish correction. Today, the pair came back under some selling pressure while holding above the 109.20 area. As long as the greenback stays above the 109.00 figure, downside risks look limited for the time being. On the upside, USDJPY needs to make a decisive break above the mentioned weekly tops in order to retarget the 110.00 threshold seen one month ago. At this stage, upside risks remain limited, suggesting the dollar could spend some time in a consolidation mode before deciding on a fresh direction.

XAUUSD

Gold prices remain stuck within a tightening trading range between the 20- and 100-DMAs that represent support and resistance, respectively. On Wednesday, the precious metal is trading in a flay manner following yesterday’s rejection from local highs just below the $1,800 figure that continues to act as the key hurdle for gold bulls at this stage. It looks like the bullion will lack the momentum to overcome this barrier any time soon, as dollar demand persists, capping gains in the yellow metal. On the downside, the immediate support is represented by the mentioned 20-day moving average that arrives in the $1,770 area.

NZDUSD

The Kiwi managed to hold above the 0.7100 handle during the sell-off seen on Tuesday witnessed amid a broad-based rally in the greenback. As a result, the pair bounced back above the 20- and 100-DMAs today, extending the recovery to the 0.7180 area in recent trading. Now, the immediate upside target arrives around 0.7210 where this week’s highs lie. The New Zealand dollar needs to confirm recovery above the mentioned moving averages on a daily closing basis in order to see a more robust rebound in the short term. However, the upside potential looks limited at this stage as the greenback remains relatively steady now.

Tags: EURUSDGBPUSDGoldNZDUSDUSDJPYXAUUSD
Share2Tweet2
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

Risk sentiment has improved amid rising oil prices on expectations of demand pickup and supply cuts

Stocks and oil rally, dollar gains marginally

May 18, 2020 05:53
17
Pound corrects higher due to dollar weakness

Dollar is back under pressure across the board

January 5, 2021 05:48
16
Dollar lacks upside momentum due to lower Treasury yields

USD slightly on the defensive to start the week

June 27, 2022 06:04
15

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