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Pound corrects higher due to dollar weakness

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Home » Dollar struggles after the recent sell-off

Dollar struggles after the recent sell-off

by Joseph Deen
May 17, 2021 07:00
in Technical analysis
0
Pound corrects higher due to dollar weakness

If the common currency manages to preserve the upside momentum in the short term, the 1.2180 intermediate barrier could be challenged

EURUSD

EURUSD has been climbing north for the third session in a row on Monday. The pair exceeded the 1.2150 local resistance to extend gains to nearly one-week highs around 1.2166 in recent trading. Now, if the common currency manages to preserve the upside momentum in the short term, the 1.2180 intermediate barrier could be challenged. Once above this hurdle, the pair would target the 1.2000 figure. On the downside, the immediate support is now expected at 1.2125, followed by 1.2100 where the ascending 20-DMA arrives. Of note, the daily RSI looks directionless at the moment, suggesting further gains could be limited in the immediate term.

GBPUSD

GBPUSD is marginally higher on Monday, trying to overcome the 1.4100 figure that has turned into resistance last week when the pair was rejected from multi-week highs around 1.4166. Despite the correction, the pair still looks bullish, clinging to the upper end of the extended trading range, with the technical picture on the weekly charts looking upbeat as well as the ascending 20-week moving average continues to act as support. Also on the positive side, the pound keeps trading above the key daily moving averages while the daily RSI is pointing slightly higher in the neutral territory. So, if the dollar retreats further in the near term, GBPUSD could overcome the 1.4100 figure to retarget the mentioned highs.

USDJPY

USDJPY has been trending marginally lower for the third consecutive day. The pair was earlier rejected from the 109.80 area to slip towards the 109.00 region on Monday. If this level gives up in the short term, the pair could challenge the 20-DMA, today at 108.80. As a reminder, the greenback challenged this moving average last week but managed to bounce eventually, suggesting the pair could derive support in this area if the selling pressure intensifies any time soon. On the upside, the initial target for bulls now arrives at 109.30, followed by the 109.50 area.

XAUUSD

Gold prices rallied to early-February highs, extending gains for the third day in a row on Monday. The precious metal climbed to the $1,855 area while breaking above the 200-DMA in process. The uptick was due to a combination of factors including the struggling dollar and the prevailing risk-off sentiment. However, slightly overbought conditions on intraday charts held bulls from placing more aggressive bets. Late last week, the bullion rallied due to broad-based weakness surrounding the dollar. Now, the prices need to stay above the mentioned moving average in order to avoid more aggressive profit-taking in the short term.

AUDUSD

AUDUSD struggles for direction on Monday, with the pair flirting with the 20-DMA around 0.7760 during the European hours. The pair rallied on Friday but failed to preserve upside momentum despite the indecisive dynamics in the greenback. The prices faced local resistance around 0.7780 and turned marginally negative today. Now, the Aussie needs to hold above the 0.7745 area in order to avoid a deeper retreat in the short term. On the hourly charts, AUDUSD is facing a barrier represented by the 20- and 100-SMAs that converge around 0.7765. a decisive break above this zone could mark some improvement in the immediate technical picture.

Tags: AUDUSDEURUSDGBPUSDGoldUSDJPYXAUUSD
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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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