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Pound corrects higher due to dollar weakness

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Home » Dollar mostly lower as risk sentiment looks steadier

Dollar mostly lower as risk sentiment looks steadier

by Joseph Deen
May 21, 2021 08:20
in Technical analysis
0
Pound corrects higher due to dollar weakness

It looks like that the European currency could see fresh January highs above 1.2250 amid the persisting weakness surrounding the greenback

EURUSD

As risk sentiment has improved somehow ahead of the weekend, the recent short-lived demand for the safe-haven greenback remains subdued. EURUSD faded an earlier jump to the 1.2240 area but stays positive on the day, keeping gains above the 1.2200 figure that represents the immediate support. As long as the common currency stays above this figure, downside risks look limited. On the hourly charts, the pair regained the ascending 20-SMA while the RSI reversed north, implying that the euro could remain on the offensive in the short term. Furthermore, it looks like that the European currency could see fresh January highs above 1.2250 amid the persisting weakness surrounding the greenback.

GBPUSD

The cable climbed to a fresh three-month high of 1.4233 on Friday as the dollar looks fragile nearly across the board. The pair preserves upside momentum, signaling its readiness to challenge fresh tops in the short term. Of note, the daily RSI is pointing slightly higher but hasn’t entered the overbought territory just yet, suggesting further gains could lie ahead. On the other hand, there is a possibility that traders would opt to proceed to profit-taking ahead of the weekend. In this scenario, the pound could correct slightly lower, with the initial significant target arriving at 1.4200. In a wider picture, the pair looks bullish as well, finishing the third consecutive week on a positive note.

USDJPY

USDJPY failed to regain the 20-DMA and remains under pressure ahead of the weekend. The downside momentum has been capped by the 108.60 area so far, while the mentioned moving average that arrives just below 109.00 represents the immediate bullish target. In the immediate term, it looks like the pair could see some consolidation before deciding on the further direction. On the four-hour charts, the dollar looks bearish, as the prices have settled below the key moving averages. As such, it looks like the pair could threaten the 108.60 area in the short term. In this scenario, the prices could derive support from the 108.35 area.

NZDUSD

The Kiwi has been in recovery mode for the second day in a row on Friday. However, the pair lacks upside momentum to overcome the 20-DMA that arrives marginally above the 0.7200 figure, representing the immediate target for bulls. As long as the prices stay below this moving average, downside risks continue to persist in the near term. If the selling pressure reemerges, the prices could threaten the 100-DMA around 0.7175. A break below this level would pave the way towards this week’s lows in the 0.7150 region. In a wider picture, the technical outlook for the pair looks slightly bearish. Still, the New Zealand dollar keeps holding above the 20-week SMA.

AUDUSD

The Aussie recovered most of its previous losses on Thursday but failed to overcome the 20-DMA that still represents the immediate upside barrier for the time being. The pair has settled just around this moving average (today at 0.7770) on Friday, struggling for direction. Earlier in the week, the AUDUSD pair derived support from the 100-DMA that has been capping losses since mid-April. Now, the prices need to overcome the 0.7780 region in order to retarget the 0.7800 figure that capped gains earlier in the week. On the four-hour charts, the Aussie climbed above the key moving averages while the RSI turned higher, suggesting the pair could eventually turn marginally positive on the day.

Tags: AUDUSDEURUSDGBPUSDNZDUSDUSDJPY
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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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