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Pound corrects higher due to dollar weakness

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Home » Dollar slightly pressured across the board

Dollar slightly pressured across the board

by Joseph Deen
May 14, 2021 07:04
in Technical analysis
0
Pound corrects higher due to dollar weakness

The common currency will likely struggle in the immediate term

EURUSD

Earlier today, EURUSD was rejected from intraday highs around 1.2130 and was last seen trading around the 1.2100 figure, up 0.235 on the day. The euro managed to bounce from the 20-DMA but still lacks upside momentum to stage a more robust recovery as the selling pressure surrounding the dollar looks limited at the moment. On the four-hour timeframes, the RSI has reversed south while the price got back under the 20-SMA, suggesting the common currency will likely struggle in the immediate term. Furthermore, the pair could turn red on the day if dollar demand reemerges during American trading hours. The immediate support is now expected at 1.2050, followed by the 100-DMA that arrives around 1.2140.

GBPUSD

The cable makes shallow recovery attempts following flat dynamics seen yesterday. The pair has been struggling to overcome local resistance around 1.4077 for the second day in a row, suggesting the pound could need an extra catalyst to make a decisive break above this hurdle. If this figure gives up, the 1.4100 barrier will come back into market focus. Earlier this week, the pair was rejected from late-February highs in the 1.4166 region and has been mostly under pressure since then. In a wider picture, however, downside risks remain limited as long as the prices stay above the ascending 20-DMA, today at 1.3950.

USDJPY

USDJPY was rejected from five-week highs around 109.80 on Thursday and has been on the defensive since then. However, the downside pressure looks limited as the greenback keeps holding above the 109.25 intermediate support so far. If the pair bounces from this area, the mentioned highs could be challenged eventually. However, it looks like USDJPY would stay slightly on the defensive at this stage before deciding on a further direction. On the hourly charts, the RSI is pointing north but the upside potential is being capped by the 20-SMA that arrives just below 109.50. Of note, the pair is bullish on the weekly charts despite the recent retreat.

XAUUSD

Gold prices extend gains for the second day in a row on Friday after deriving support above $1,800 yesterday. The precious metal climbed to the $1,835 area, a decisive break above which would pave the way towards three-month highs around $1,845. The key upside hurdle is still represented by the 100-DMA, today at $1,848. On the downside, the $1,820 area represents the key immediate support zone, a break below which would pave the way towards the $1,8000 psychological hurdle. In the short term, the bullion will likely preserve the bullish bias and could even see more gains before the end of the trading day and the week.

NZDUSD

The Kiwi came across the 20-DMA in recent trading, struggling to overcome this immediate resistance as the selling pressure surrounding the greenback has eased somehow during the European hours. The pair has been in a recovery mode since yesterday when the prices briefly dipped to May 4 lows in the 0.7135 area. During the rebound, the New Zealand dollar exceeded the 100-DMA, retaining a bullish tone on Friday. The mentioned 20-DMA arrives just above the 0.7200 figure which is the key on a daily and weekly closing basis. If this level gives up any time soon, the next barrier at 0.7250 will come into market focus. Otherwise, the pair may slip back under the 200-DMA.

Tags: EURUSDGBPUSDGoldNZDUSDUSDJPYXAUUSD
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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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