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Home » Dollar steady after a strong rally

Dollar steady after a strong rally

by Joseph Deen
June 4, 2021 09:06
in Technical analysis
0
Pound corrects higher due to dollar weakness

Despite the current retreat, the broader outlook for the common currency remains constructive

EURUSD

As dollar demand picked up across the board, EURUSD slipped to the 1.2100 region for the first time since mid-May, receding from weekly tops in the 1.2250 region. In the process, the pair dipped below the 20-DMA that now represents resistance around 1.2170. A break below this level would bring the 100-DMA at 1.2040 back into market focus. On the upside, the 1.2130 area now represents the immediate target while the key short-term resistance arrives at 1.2170 where the mentioned 20-DMA lies. As long as the common currency stays below this moving average, the recovery potential looks limited. Despite the current retreat, the broader outlook for the common currency remains constructive.

GBPUSD

The cable bounced from the 1.4080 area seen earlier in the day to turn marginally positive in recent trading. The pair regained the 1.4100 figure and was last seen flirting with the ascending 20-DMA. A decisive break above this immediate barrier would pave the way to further recovery following yesterday’s plunge from the 1.4200 figure. Meanwhile, a broader picture remains bullish as the cable is just slightly off April 2018 highs seen at 1.4250 earlier in the week. On the hourly charts, the prices have settled above the 20-DMA while the RSI is pointing slightly lower, pointing to a neutral short-term technical picture. On the downside, a break below 1.4080 would pave the way towards the 1.4050 region.

USDJPY

USDJPY peaked at fresh two-month highs around 110.30 before retreating. As a result, the dollar turned negative for the day, as the bullish momentum seems to be waning following the ascent seen on Thursday across the board. As such, the prices slipped to the 110.10 area during the European hours. As long as the greenback stays above the 110.00 figure, upside risks continue to persist despite the recent retreat. Also on the positive side, the greenback has been holding above the ascending 20-DMA for over a week already. Meanwhile, the daily RSI looks neutral, suggesting the pair could struggle for direction in the near term. if dollar demand reemerges, a break above the 110.30 region would pave the way towards 110.60.

AUDUSD

The Aussie plunged dramatically from the 20-DMA yesterday, struggling to see a robust recovery since then. The pair extended losses to mid-April lows around 0.7645 before bouncing marginally on Friday. However, the momentum looks too modest to bet on a more sustained rebound in the short term. The immediate resistance is now represented by the 0.7670 area, followed by the 0.7710 figure and the 100-DMA that arrives at 0.7725 today. The mentioned 20-DMA now lies around 0.7745. In the short-term, downside risks continue to prevail as the dollar remains steady and could see more gains ahead of the weekend.

USDCAD

USDCAD extends yesterday’s rally on Friday amid a broad-based pickup in dollar demand. The pair advanced to 1.2130 for the first time in a week. In the process, the prices have exceeded the 1.2100 figure along with the 20-DMA, which is a positive short-term technical signal, suggesting the pair could at least preserve bullish momentum for the time being. On the other hand, further gains could be limited as the 1.2140 region could act as resistance. On the four-hour charts, the RSI is pointing north but hasn’t entered the overbought territory just yet, suggesting there is room for further upside in the immediate term. On the downside, the immediate support is represented by the 1.2100 figure, followed by the 1.2085 area.

Tags: AUDUSDEURUSDGBPUSDUSDCADUSDJPY
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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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