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Home » Dollar steady after a short-lived rally on FOMC minutes

Dollar steady after a short-lived rally on FOMC minutes

by Joseph Deen
May 20, 2021 07:15
in Technical analysis
0
Pound corrects higher due to dollar weakness

The Federal Reserve delivered a hawkish hint on the outlook for its monetary policy

EURUSD

The greenback rose sharply as the Federal Reserve delivered a hawkish hint on the outlook for its monetary policy. EURUSD dipped from fresh multi-week highs around 1.2245 down to 1.2170 on Wednesday. Earlier today, the pair faces resistance in the 1.2200 area before retreating marginally. Still, the common currency was trading 0.12% higher on the day during the European hours. At this stage, the pair lacks upside momentum to challenge fresh multi-month highs above 1.2250. However, the overall technical picture remains upbeat, with the greenback staying within a bearish trend. On the four-hour charts, the prices are flirting with the 20-SMA, pointing to a neutral technical picture in the short term.

GBPUSD

GBPUSD slipped from fresh peaks seen around 1.4220 earlier in the week and has been struggling since then. The pair is now attempting to cling to the 1.4100 handle in order to avoid deeper losses as the dollar looks more resilient following the FOMC meeting minutes. If this support gives up any time soon, the next hurdle for sterling bears should be expected at 1.4080, followed by the 1.4035 area and the 1.4000 psychological figure. On the upside, a decisive recovery above 1.4100 would bring the mentioned highs back into market focus. In a wider picture, the cable remains elevated while staying above the ascending 20-week SMA that arrives around 1.3840 today.

USDJPY

USDJPY resumed the decline following a short-lived recovery seen on Wednesday. The pair peaked at 109.33 but failed to preserve gains and retreated back to the 20-DMA just below the 109.00 level on Thursday. If the downside pressure intensifies any time soon, the dollar could derail the mentioned moving average. In this scenario, USDJPY would retarget the 108.55 region that triggered a local rally yesterday. On the hourly charts, the greenback is now back under the key moving averages while the RSI is pointing north, suggesting the immediate technical picture looks mixed at the moment. In the medium term, the outlook for the pair looks neutral as long as the prices stay above the 200-week SMA.

XAUUSD

XAUUSD rallied to early-2021 highs around $1,890 on Wednesday but failed to preserve gains and dipped back to the flat-line eventually. The precious metal was last seen trading around $1,867, slightly lower on the day. Шеру immediate support now arrives in the $1,850 area, followed by the 200-DMA that lies around $1,845. As long as the bullion remains above this moving average, downside risks look limited. On the other hand, the daily RSI has settled in overbought territory, suggesting the metal could lack the bullish potential to resume the ascent in the short term. On the upside, the key barrier now arrives at the $1,900 figure last seen in January.

USDCAD

USDCAD climbed to the 1.2140 area on Wednesday while trading little changed today, struggling to overcome this hurdle as the dollar lacks upside momentum following yesterday’s short-lived rally. The pair remains bearish despite the recent bounce, with downside risks persisting as long as the prices stay below the descending 20-DMA that arrives just above the 1.2200 handle. On the downside, if the selling pressure reemerges any time soon, the immediate support is represented by the 1.2100 figure, followed by the 1.2050 area. On the four-hour timeframes, the technical picture looks fairly upbeat, with the RSI pointing north while the dollar has settled above the 20-SMA.

Tags: EURUSDFederal ReserveFOMCGBPUSDUSDCADUSDJPYXAUUSD
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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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