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Home » Greenback stays under pressure versus major rivals

Greenback stays under pressure versus major rivals

by Joseph Deen
May 7, 2021 06:43
in Technical analysis
0
Pound corrects higher due to dollar weakness

Despite the recent bounce, upside potential in the EURUSD pair looks limited in the short term

EURUSD

EURUSD extended the recovery on Friday amid a weaker dollar. The pair climbed back above the key moving averages, targeting the 1.2100 figure during the European hours. Despite the recent bounce, upside potential looks limited in the short term. On the hourly charts, the RSI has reversed south in the overbought territory, suggesting a break above the mentioned barrier is unlikely to happen any time soon. On the downside, the key immediate support is represented by the 100-DMA around 1.2050, followed by the ascending 20-DMA that arrives at 1.2030. In a wider picture, EURUSD needs to hold above the 20-week moving average in order to retain a bullish bias on the weekly timeframes.

GBPUSD

GBPUSD briefly derailed the ascending 20-DMA on Thursday before trimming intraday losses. Today, the cable turned marginally higher while staying below this week’s highs seen yesterday around 1.3940. In general, the current technical picture looks neutral, with the daily RSI looking directionless while the pair remains within a tightening range these days. A decisive break above the 1.4000 figure would improve the short-term outlook for the pair. On the downside, the mentioned moving average at 1.3870 represents the key immediate support. On the positive side, the pound keeps trading above the ascending 20-week MA.

USDJPY

USDJPY slipped to four-day lows at 108.93 earlier in the day before turning marginally higher as the greenback has steadied somehow in recent trading. The pair was last seen at 109.10 and is yet to confirm recovery above the 109.00 figure on a daily closing basis. Meanwhile, the key short-term support is represented by the 20-DMA (at 108.70) that was last seen a week ago. As long as the greenback remains above this moving average, downside risks are limited. On the four-hour charts, the upside potential is capped by the 200- and 20-SMAs. The key short-term upside barrier arrives at 109.50, followed by 109.70 and the 110.00 figure last seen in early-April.

XAUUSD

Gold prices are holding the higher ground on Friday, reaching three-month highs of $1823 in recent trading. The bullion is up nearly 3% so far this week and could register the best week in six months. Now, when the price of gold finally raced past the $1,800 psychological level, it could now target the $1,830 area. If the pressure reemerges in the short term, the $1800 mark could protect the downside. Meanwhile, the daily RSI is pointing north but is yet to enter the overbought territory, suggesting there is scope for further gains at this stage. On the downside, the immediate support is represented by the $1,815 area, followed by the $1,800 psychological level.

USDCAD

USDCAD plunged to September 2017 lows on Thursday before bouncing today. The pair slipped to the 1.2140 area and was trading below the 1.2200 figure during the European hours on Friday. Despite the oversold conditions, the prices lack the momentum to stage a more robust recovery as the greenback continues to struggle nearly across the board. On the four-hour charts, the technical picture remains bearish as long as the pair stays below the 20-SMA, today at 1.2250. Furthermore, the overall outlook stays negative, with downside risks persisting for the time being. If the prices get back under the selling pressure, a break below the mentioned long-term lows would pave the way towards the 1.2100 figure.

Tags: EURUSDGBPUSDUSDCADUSDJPYXAUUSD
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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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