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Pound corrects higher due to dollar weakness

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Home » Greenback on the defensive nearly across the board

Greenback on the defensive nearly across the board

by Joseph Deen
June 1, 2021 10:36
in Technical analysis
0
Pound corrects higher due to dollar weakness

It looks like the common currency could need an extra catalyst to extend the ascent in the short term

EURUSD

EURUSD turned flat in recent trading after rejection from the 122.40 area earlier in the day. The pair has settled around 1.2220 since then, struggling for direction. Following a bounce from the 20-DMA last Friday, the pair keeps climbing north. The euro broke above the 1.2200 figure at the start of the week, but it looks like the common currency could need an extra catalyst to extend the ascent in the short term. Furthermore, the prices may correct lower if the 1.2240 area doesn’t give up any time soon. On the hourly charts, the technical picture looks mixed, as the RSI is pointing south while the euro keeps trading above the key moving averages.

GBPUSD

The cable rallied to three-year highs around 1.4250 earlier in the day. However, the pair failed to preserve gains and reversed sharply lower early in Europe as traders proceeded to profit-taking. As a result, GBPUSD slipped to the 1.4165 region before bouncing slightly. Despite the correction, the overall technical picture remains upbeat, and further gains could lie ahead following the current retreat. On the downside, a break below the mentioned lows would pave the way towards the 1.4140 area, followed by the 1.4100 figure where the ascending 20-DMA arrives. As long as the pound stays above this moving average, upside risks continue to persist in the short term. On the upside, a decisive recovery above the 1.4200 figure would bring the mentioned long-term peaks back into market focus.

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. As the selling pressure surrounding the greenback has eased somehow in Europe, the pair turned marginally positive on the day and was last seen changing hands around 109.60. As the prices stay well above the 20-DMA (today at 109.14), 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 109.30, followed by 109.00. In a wider picture, the outlook for the dollar remains positive as long as the prices stay above the 20-week SMA that arrives just below the 108.00 figure.

XAUUSD

Gold prices climbed to fresh January highs around $1,916 on Tuesday while staying steady above the $1,900 figure. 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 $1,906 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.

AUDUSD

AUDUSD peaked at nearly one-week highs in the 0.7770 area earlier in the day but failed to preserve the momentum and retreated to the flat-line during the European trading. As such, the pair briefly pierced the 20-DMA in the process before slipping back to the 100-DMA that arrives around 0.7730. Now, the prices need to stay above this region in order to avoid deeper losses to the 0.7700 figure and beyond. On the four-hour charts, the Aussie was last seen flirting with the 20-SMA while the RSI has reversed south, suggesting the pair could come under more severe pressure if the mentioned moving average gives up in the short term. On the upside, the 0.7750 area represents the immediate target for bulls.

Tags: AUDUSDEURUSDGBPUSDGoldUSDJPYXAUUSD
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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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