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Home » Dollar recovery attempts look indecisive

Dollar recovery attempts look indecisive

by Joseph Deen
May 26, 2021 06:43
in Technical analysis
0
Pound corrects higher due to dollar weakness

As long as the euro stays above the 1.2200 figure, upside risks prevail in the near term

EURUSD

EURUSD peaked at 1.2266 on Tuesday before paring some gains as the greenback attempts to recover today. Still, the pair continues to hold above the 1.2200 area which now represents the immediate support zone. As long as the euro stays beyond this figure, upside risks prevail in the near term. On the four-hour timeframes, the common currency is trending lower but manages to hold above the 20-SMA, suggesting the immediate technical picture looks neutral. In a wider picture, the euro could attract renewed demand at lower levels to challenge the mentioned highs and target the 1.2300 barrier eventually.

GBPUSD

The cable failed to hold above the 1.4200 figure on Tuesday and retreated marginally on a daily closing basis. Today, the pair turned green but still lacks upside momentum to make another attack at this level that now represents the immediate target for sterling bulls. The pair was last seen changing hands around 1.4170, up 0.12% on the day. On the downside, the key short-term support is represented by the 1.4110 figure, a break below which would mark deterioration in the technical picture. In a wider picture, the bullish momentum remains intact as long as the prices hold above the ascending 20-DMA, today at 1.4050. On the hourly charts, the cable managed to bounce back above the key moving averages, pointing to limited downside risks for the time being.

USDJPY

USDJPY briefly slipped to two-week lows around 108.55 on Tuesday before bouncing slightly. Today, the dollar continues to regain some bullish momentum, nearing the 109.00 figure where the 20-DMA lies. This moving average has been capping gains since late-last week, and it looks like the greenback could need an extra catalyst to overcome this short-term barrier. If the pair manages to climb above the moving average, the intermediate resistance should be expected at 109.20, followed by the 109.50 area and 109.80. On the downside, the pair derives support from the 108.70 region at this stage.

XAUUSD

Gold prices extended the rally to fresh January highs on Wednesday. The XAUUSD pair exceeded the $1,900 barrier, climbing to the $1,910 area in recent trading. As a result, the daily RSI has entered the overbought territory but continues to point higher, suggesting the precious metal could extend the ascent in the short term despite overbought conditions. On the other hand, a daily close below $1,900 could bring some selling pressure as some players could proceed to profit-taking at the current attractive levels. In a wider picture, the bullion has room for additional upside potential according to the weekly timeframes.

NZDUSD

The Kiwi jumped strongly in Asia following the RBNZ decision to leave monetary policy unchanged. The pair rallied to three-month highs above the 0.7300 figure before paring some gains in recent trading. Still, the New Zealand dollar continues to cling to the upper end of the extended range during the European hours, suggesting the prices could at least preserve recent gains in the short term. Now, NZDUSD needs to confirm a break above the mentioned figure on a daily closing basis in order to see more gains in the coming days. Of note, the daily RSI is pointing north in neutral territory, which implies that the pair may extend the ascent at this stage.

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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