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Home » Dollar is back under selling pressure

Dollar is back under selling pressure

by Joseph Deen
June 9, 2021 07:17
in Technical analysis
0
Pound corrects higher due to dollar weakness

If the euro fails to overcome the 1.2200 barrier any time soon, a pullback could be expected

EURUSD

The dollar is mostly lower on Wednesday following some gains seen yesterday. As such, the euro gains traction, approaching the 1.2200 figure. If the pair fails to overcome this barrier any time soon, a pullback could be expected. A daily close above the 20-DMA would mark some improvement in the short-term technical picture and could eventually bring the 1.2225 intermediate resistance back into market focus while the key target for euro bulls arrives at the 1.2266 figure seen two weeks ago. On the hourly charts, the common currency has bounced from the 20-SMA to recover above the 100-SMA, suggesting the prices could regain the 1.2200 level in the short term.

GBPUSD

The cable resumed the ascent following a short-lived decline seen on Tuesday. The pair has already regained yesterday’s losses to get back above the 20-DMA. Now, as the pound is nearing the 1.4200 figure, the pair could see another downside correction as the sterling may need an extra catalyst to overcome this barrier. In this scenario, a retreat below the mentioned moving average would pave the way towards the 1.41000 area. In a wider picture, the overall outlook for the pair remains upbeat as the greenback stays within a broader bearish trend. If the prices extend gains, fresh long-term highs above 1.4250 could be expected in the coming days. In the immediate term, GBPUSD needs to confirm recovery above the 20-DMA that arrives at 1.4150 today.

USDJPY

USDJPY rose yesterday but failed to preserve gains and turned marginally negative on Wednesday. The pair bounced from the 20-DMA, however, to settle just below the opening levels during the European hours. The immediate barrier for dollar bulls arrives at 109.50. A decisive break above this area would pave the way towards this week’s high of 109.63. In a wider picture, the 110.30 area represents the key hurdle. In the short term, bearish risks are limited as long as the prices stay above the 109.00 figure. In a wider picture, the technical picture has deteriorated somehow since May but the overall outlook remains relatively upbeat at this stage. The 200-week at 108.87 remains in focus as long as the selling pressure prevails.

XAUUSD

The precious metal peaked at $1,916 last week and has been hesitating since then. The prices briefly dipped to $1,855 for the first time since May 19 on Friday before bouncing. Today, the XAUUSD pair has been losing ground for the second session in a row after failing to hold above the $1,900 figure on Tuesday. On the positive side, the yellow metal has been holding above the ascending 20-DMA since the start of the week. As long as the prices stay above this moving average (today at $1,883), downside risks are limited in the short term. A break below the 20-DMA would bring the $1,855 area back into market focus, followed by the 100-DMA at $1,842 last seen on May 17. If the yellow metal manages to exceed the $1,900 figure, the $1,910 immediate resistance will come into market focus.

USDCHF

USDCHF has been losing ground for the fourth day in a row on Wednesday. The pair dipped to the 0.8955 area, a break below which would pave the way towards the 0.8930 area last seen on May 25th. Earlier in the week, the price dipped below the descending 20-DMA that arrives at 0.8990 today. The dollar needs to regain the 0.9000 handle in the short term, otherwise, further losses could be ahead in the coming days. On the four-hour charts, the pair has settled below the key moving averages while the RSI is pointing lower in the neutral territory, suggesting the greenback could see deeper losses in the near term. In this scenario, the prices could target the mentioned two-week lows.

Tags: EURUSDGBPUSDUSDCHFUSDJPYXAUUSD
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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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