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Home » Greenback trims losses but stays weak

Greenback trims losses but stays weak

by Joseph Deen
July 6, 2021 07:32
in Technical analysis
0
Pound corrects higher due to dollar weakness

The euro slipped to intraday lows around 1.1830 and was last seen clinging to the lower end of the trading range

EURUSD

EURUSD peaked just beyond the 1.1900 figure earlier in the day before retreating into negative territory during the European hours as the greenback trimmed some losses. The pair slipped to intraday lows around 1.1830 and was last seen clinging to the lower end of the trading range. The daily RSI is pointing marginally lower and was about to enter the oversold territory at the time of writing. Despite a local bearish reversal, downside risks are limited, with the overall technical picture looking neutral at this stage. The key support remains at 1.1800. As long as the prices stay above this level, there is scope for another bull run in the short term.

GBPUSD

The cable has been rising for the third consecutive day on Tuesday. Earlier in the day, the pair climbed to fresh July highs just below the 1.3900 figure before erasing gains. The pound was last seen changing hands around 1.3850, up just 0.03% for the day. If the dollar extends the recovery in the immediate term, GBPUSD would turn negative and could threaten the 1.3830 support eventually. A break below this region would pave the way towards the 1.1800 figure. On the upside, the key upside target still arrives at the 1.4000 mark last seen on June 23rd. The intermediate barrier lies in the 1.3950 area where the 20- and 100-DMAs converge.

USDJPY

USDJPY extends its retreat from recent peaks seen at 111.65 last week. The dollar dipped to the 110.70 area, a break below which would pave the way towards the ascending 20-DMA, today at 110.47. As long as USDJPY stays above this moving average, downside risks are limited for the time being. Should this support give up any time soon, the prices would retarget the 110.00 mark last seen on June 21st. On the hourly charts, the greenback has settled below the key moving averages, suggesting the pair could stay on the defensive in the immediate term. On the upside, the nearest resistance is now represented by the 110.90 area where the 200-hour SMA arrives.

NZDUSD

The Kiwi faced resistance around the mid-June highs seen at 0.7100 earlier in the day before erasing some gains in recent trading. Since then, the pair has settled in the 0.7080 region while retaining a solid bullish momentum as the dollar recovery looks modest. The New Zealand dollar could resume the ascent following some consolidative price action and make a decisive break above 0.7100 eventually. In this scenario, the pair would target the 100-DMA at 0.7150. On the positive side, NZDUSD has settled above the 20- and 200-DMAs that converge at 0.7055. As long as the prices stay above this area, upside risks prevail in the short term.

AUDUSD

The Aussie rallied to fresh July highs around 0.7600 earlier in the day before trimming gains marginally. During the European hours, the pair has settled between the 200- and 20-DMAs in the 0.7575 area while retaining a solid bullish tone due to a weaker dollar. It looks like there is room for further gains in the short term, with the daily RSI pointing north in neutral territory. On the four-hour charts, the pair is flirting with the descending 100-DMA, suggesting the Aussie could lose some momentum in the immediate term. Meanwhile, a daily close above the mentioned 20-DMA would add to the upbeat technical picture to pave the way towards 0.7600.

Tags: AUDUSDEURUSDGBPUSDNZDUSDUSDJPY
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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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