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Home » Greenback steadies but remains vulnerable

Greenback steadies but remains vulnerable

by Joseph Deen
May 24, 2021 08:00
in Technical analysis
0
Pound corrects higher due to dollar weakness

The euro is attempting to get back above the 1.2200 figure that represents the key nearest target for bulls

EURUSD

EURUSD dipped to the 1.2160 local support on Friday to turn marginally positive today as the greenback is mostly lower at the start of the week. Now, the euro is attempting to get back above the 1.2200 figure that represents the key nearest target for bulls. On the downside, below the mentioned lows, the 1.2125 area will come into market focus. That’s where last week’s lows arrive. The daily RSI has turned directionless in neutral territory, suggesting a weakening bullish bias. On the upside, late-February highs around 1.2245 remain the key resistance for the time being. If the pair manages to decisively overcome the 1.2200 barrier any time soon, this area would come back into the market focus.

GBPUSD

GBPUSD extends downside correction from late-February highs on Monday. The pair peaked at 1.4233 on Friday and has been on the defensive since then. As a result, the daily RSI has reversed south in neutral territory, suggesting the selling pressure could persist in the short term. On the other hand, the pound has been holding above the 1.4100 figure so far and could stage a bounce eventually if this support zone withstands the current pressure. In a wider picture, the pair remains bullish and could rally to fresh multi-week highs following the current correction. A break above the mentioned highs would pave the way towards April 2018 tops above 1.4350.

USDJPY

USDJPY bounced slightly from last week’s lows seen in the 108.55 area. Earlier on Monday, the pair encountered resistance represented by the 20-DMA, today at 109.00. It looks like the greenback could lack the recovery impetus to overcome this barrier any time soon. On the downside, the immediate support is represented by the 108.70 region. On the four-hour timeframes, the prices were rejected by the key moving averages around 108.90 in recent trading, adding to a still bearish technical picture. In the longer term, USDJPY is flirting with the 200-week moving average, a break below which would add to the selling pressure surrounding the greenback.

XAUUSD

Gold prices peaked at $1,890 last week and have been holding steady since then. On Monday, the yellow metal has settled in a tight range around $1,880, struggling for direction in subdued trading. The fact that the bullion refrains from a significant downside correction may signal its readiness to extend the ascent following some consolidation in the short term. On the hourly charts, the precious metal is holding above the ascending 100-SMA, with upside risks persisting as long as the XAUUSD pair stays above this moving average that arrives at $1,873. Should the buying pressure reemerge any time soon, the prices could challenge the $1,900 figure for the first time since January.

USDCHF

USDCHF has settled in a tight range on Monday, slightly off fresh three-month lows registered around 0.8950 ahead of the weekend. The pair lacks upside momentum to stage recovery, suggesting the dollar could spend some time in consolidation before deciding on the further direction. As long as the prices stay below the key moving averages that arrive in the 0.9050-0.9090 area, downside risks persist. The immediate upside target is represented by the 0.9000 figure while on the downside, the nearest support arrives around the mentioned three-month lows.

Tags: EURUSDGBPUSDGoldUSDCHFUSDJPYXAUUSD
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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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