• Latest
  • Trending
  • All
Pound corrects higher due to dollar weakness

Dollar looks indecisive at the start of the week

May 31, 2021 07:55
Equity markets mostly depressed

Equity markets mostly depressed

September 22, 2023 07:00
Dollar lacks upside momentum due to lower Treasury yields

Dollar receives fresh impetus from Fed

September 21, 2023 07:01
Dollar lacks upside momentum due to lower Treasury yields

Greenback paralyzed in anticipation of Fed decision

September 20, 2023 07:00
Stock markets directionless as Fed meeting looms

Stock markets directionless as Fed meeting looms

September 19, 2023 07:03
Dollar lacks upside momentum due to lower Treasury yields

Dollar under some pressure after the weekend

September 18, 2023 07:00
Economic data and ECB boost stock market rally

Economic data and ECB boost stock market rally

September 15, 2023 07:57
Dollar lacks upside momentum due to lower Treasury yields

USD hesitates below the 105.00 barrier

September 14, 2023 07:00
Dollar lacks upside momentum due to lower Treasury yields

USD steady and resilient in anticipation of US CPI

September 13, 2023 07:15
Stock markets struggle for direction ahead of major events

Stock markets struggle for direction ahead of major events

September 12, 2023 07:19
Dollar lacks upside momentum due to lower Treasury yields

Dollar rally pauses to start the week

September 11, 2023 06:46
Risk sentiment improves somewhat after a streak of losses

Risk sentiment improves somewhat after a streak of losses

September 8, 2023 07:08
Dollar lacks upside momentum due to lower Treasury yields

Unabated dollar demand keeps pressuring gold

September 7, 2023 07:26
  • Terms & Сonditions
  • Contact
Saturday, September 23, 2023
FWNews - pulse of the forex market
  • FUNDAMENTALS
    Equity markets mostly depressed

    Equity markets mostly depressed

    Stock markets directionless as Fed meeting looms

    Stock markets directionless as Fed meeting looms

    Economic data and ECB boost stock market rally

    Economic data and ECB boost stock market rally

    Stock markets struggle for direction ahead of major events

    Stock markets struggle for direction ahead of major events

    Risk sentiment improves somewhat after a streak of losses

    Risk sentiment improves somewhat after a streak of losses

    Dollar buoyed by risk aversion

    Dollar buoyed by risk aversion

    Equity markets indecisive ahead of the weekend

    Equity markets indecisive ahead of the weekend

    Stocks advance amid signs of a cooling US economy

    Stocks advance amid signs of a cooling US economy

    Powell and China fuel stock market rally

    Powell and China fuel stock market rally

  • TECHNICALS
  • Interest Rates
  • Economic calendar
  • Backstage
No Result
View All Result
FWNews - pulse of the forex market
  • FUNDAMENTALS
    Equity markets mostly depressed

    Equity markets mostly depressed

    Stock markets directionless as Fed meeting looms

    Stock markets directionless as Fed meeting looms

    Economic data and ECB boost stock market rally

    Economic data and ECB boost stock market rally

    Stock markets struggle for direction ahead of major events

    Stock markets struggle for direction ahead of major events

    Risk sentiment improves somewhat after a streak of losses

    Risk sentiment improves somewhat after a streak of losses

    Dollar buoyed by risk aversion

    Dollar buoyed by risk aversion

    Equity markets indecisive ahead of the weekend

    Equity markets indecisive ahead of the weekend

    Stocks advance amid signs of a cooling US economy

    Stocks advance amid signs of a cooling US economy

    Powell and China fuel stock market rally

    Powell and China fuel stock market rally

  • TECHNICALS
  • Interest Rates
  • Economic calendar
  • Backstage
No Result
View All Result
FWNews - pulse of the forex market
No Result
View All Result

Home » Dollar looks indecisive at the start of the week

Dollar looks indecisive at the start of the week

by Joseph Deen
May 31, 2021 07:55
in Technical analysis
0
Pound corrects higher due to dollar weakness

The euro will likely continue to oscillate around 1.2200 before deciding on further direction

EURUSD

EURUSD continues to struggle below the 1.2200 figure that represents the key immediate hurdle since last week. The pair briefly dipped to the 20-DMA on Friday before bouncing back to the current levels, suggesting downside risks are limited at this stage. On the other hand, the common currency still lacks upside momentum to overcome the mentioned barrier. A decisive break above 1.2200 would pave the way towards the 1.2266 figure that capped gains last week. At this stage, the pair will likely continue to oscillate around this level before deciding on a further direction. On the hourly charts, the technical picture looks neutral, adding to the consolidative pattern in the short term.

GBPUSD

The cable failed to stay above the 1.4200 figure last week and has been trending marginally lower since then. Earlier on Monday, the pair was once again rejected from the 1.4200 figure to slip to the 1.4160 area that represents the immediate support at this stage. Despite the prevailing bearish bias, it looks like the downside potential is limited while the overall technical picture stays bullish. Furthermore, the pair continues to derive support from the ascending 20-DMA, today at 1.4116. As long as the pound stays above this moving average, the bullish potential persists amid a weaker dollar. In the immediate term, however, the pair could stay on the defensive in this holiday trading.

USDJPY

USDJPY briefly rallied to early-April highs around 110.20 ahead of the weekend. However, the pair failed to preserve gains amid profit-taking and retreated below the 110.00 figure as a result. On Monday, the dollar came under some pressure while barely holding above the 109.60 region. As such, the daily RSI has reversed lower in the neutral territory, suggesting the greenback could see more losses in the immediate term. On the other hand, as the prices stay well above the 20-DMA (today at 109.13), a wider technical picture looks relatively upbeat. The key immediate target for bulls now arrives at 110.00 while on the downside, the nearest support is expected at 109.60.

XAUUSD

Gold prices look steady around $1,900 on Monday, slightly off January highs seen around $1,912 last week. The precious metal keeps climbing higher, having posted the fourth consecutive week in a row on Friday. The bullion was last seen trading around the $1,904-05 region, nearly unchanged for the day. In the short term, gold could see a pullback or even a period of consolidation before advancing higher. The daily RSI now looks directionless in the overbought territory, suggesting further gains could be limited in the near term. On the downside, the key immediate support is represented by the $1,880 area, followed by the ascending 20-DMA that now arrives at $1,855. Meanwhile, a daily close above the $1,900 figure would be a confirmation of a steady sentiment surrounding the bullion and could pave the way to further gains.

USDCHF

USDCHF has settled around the 0.9000 figure on Monday, struggling to overcome the 20-DMA that capped gains on Friday. The pair peaked at 0.9030 ahead of the weekend before retreating marginally as the dollar still feels uncomfortable despite the persisting inflation concerns. The daily RSI looks directional now in neutral territory, suggesting the prices could stay directionless in the short term. On the downside, the immediate support is now expected at 0.8960, followed by the 0.8930 area. On the four-hour charts, the pair is stuck between the 100- and 20-SMAs, which implies that the dollar would need an extra catalyst to get out of the short-term trading range.

Tags: EURUSDGBPUSDGoldUSDCHFUSDJPYXAUUSD
Share2Tweet2
ADVERTISEMENT
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.

Related Posts

Dollar lacks upside momentum due to lower Treasury yields
Technical analysis

Dollar receives fresh impetus from Fed

September 21, 2023 07:01
13
Dollar lacks upside momentum due to lower Treasury yields
Technical analysis

Greenback paralyzed in anticipation of Fed decision

September 20, 2023 07:00
14
Dollar lacks upside momentum due to lower Treasury yields
Technical analysis

Dollar under some pressure after the weekend

September 18, 2023 07:00
13
Dollar lacks upside momentum due to lower Treasury yields
Technical analysis

USD hesitates below the 105.00 barrier

September 14, 2023 07:00
17
Dollar lacks upside momentum due to lower Treasury yields
Technical analysis

USD steady and resilient in anticipation of US CPI

September 13, 2023 07:15
13
Dollar lacks upside momentum due to lower Treasury yields
Technical analysis

Dollar rally pauses to start the week

September 11, 2023 06:46
14

Leave Your Opinion Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Federal Reserve Board announces termination of enforcement action with SunTrust Bank

June 10, 2021 14:44
10
President Trump has long sought to play down or dismiss Russian efforts to interfere in American elections.Credit.

Intelligence Officials Temper Russia Warnings, Prompting Accusations of Political Influence

March 11, 2020 09:36
16

Minutes of the Federal Open Market Committee, June 9-10, 2020

July 1, 2020 02:03
10

Ads

Shneider Electric

Most Popular

A slow start to the week in FX markets
Technical analysis

Dollar regains ground to start the week

January 25, 2021 07:25
124
A slow start to the week in FX markets
Technical analysis

Greenback advances modestly amid strong data

May 28, 2021 07:38
110
Kim Jong Un reportedly says his nuclear weapons guarantee there will be no more war
News

Kim Jong Un reportedly says his nuclear weapons guarantee there will be no more war

July 28, 2020 08:29
95
FWNews

Copyright © 2022 FWNews

  • Terms & Сonditions
  • Contact
No Result
View All Result
  • FUNDAMENTALS
  • TECHNICALS
  • Interest Rates
  • Economic calendar
  • Backstage

Copyright © 2022 FWNews