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

Dollar steadies after a rally, euro directionless

July 7, 2021 07:47
Equities struggle amid economic and China-related concerns

Equities struggle amid economic and China-related concerns

December 29, 2022 08:55
Dollar lacks upside momentum due to lower Treasury yields

Currencies stuck in ranges as New Year holiday looms

December 28, 2022 07:01
Stocks gain, dollar eases ahead of job market data

Dollar pressured by positive risk sentiment in thin markets

December 27, 2022 04:50
Dollar lacks upside momentum due to lower Treasury yields

Dollar tries to shrug off the pressure

December 26, 2022 05:13
Investors spooked by strong US data

Investors spooked by strong US data

December 23, 2022 11:55
Dollar lacks upside momentum due to lower Treasury yields

Dollar back under pressure after short-lived relief

December 22, 2022 05:17
Risk demand reemerges cautiously, but caution remains in place

Risk demand reemerges cautiously, but caution remains in place

December 21, 2022 08:49
Dollar lacks upside momentum due to lower Treasury yields

US dollar resists selling pressure

December 20, 2022 10:44
Market sentiment dented by recession fears

Market sentiment dented by recession fears

December 19, 2022 02:53
Dollar lacks upside momentum due to lower Treasury yields

Greenback stays on the defensive nearly across the board

November 16, 2022 05:34
Investor sentiment improves, but gains limited

Investor sentiment improves, but gains limited

November 15, 2022 05:46
Dollar lacks upside momentum due to lower Treasury yields

Dollar licks wounds after plunge

November 14, 2022 05:05
  • Terms & Сonditions
  • Contact
Saturday, April 1, 2023
FWNews - pulse of the forex market
  • FUNDAMENTALS
    Equities struggle amid economic and China-related concerns

    Equities struggle amid economic and China-related concerns

    Stocks gain, dollar eases ahead of job market data

    Dollar pressured by positive risk sentiment in thin markets

    Investors spooked by strong US data

    Investors spooked by strong US data

    Risk demand reemerges cautiously, but caution remains in place

    Risk demand reemerges cautiously, but caution remains in place

    Market sentiment dented by recession fears

    Market sentiment dented by recession fears

    Investor sentiment improves, but gains limited

    Investor sentiment improves, but gains limited

    Risk sentiment keeps deteriorating, dollar climbs

    Stocks celebrate US inflation, dollar slumps

    Virus, US-China tensions hit global markets

    Market sentiment turns cautious amid events in the US

    Investors look indecisive ahead of another volatile week

    Investors look indecisive ahead of another volatile week

  • TECHNICALS
  • Interest Rates
  • Economic calendar
  • Backstage
No Result
View All Result
FWNews - pulse of the forex market
  • FUNDAMENTALS
    Equities struggle amid economic and China-related concerns

    Equities struggle amid economic and China-related concerns

    Stocks gain, dollar eases ahead of job market data

    Dollar pressured by positive risk sentiment in thin markets

    Investors spooked by strong US data

    Investors spooked by strong US data

    Risk demand reemerges cautiously, but caution remains in place

    Risk demand reemerges cautiously, but caution remains in place

    Market sentiment dented by recession fears

    Market sentiment dented by recession fears

    Investor sentiment improves, but gains limited

    Investor sentiment improves, but gains limited

    Risk sentiment keeps deteriorating, dollar climbs

    Stocks celebrate US inflation, dollar slumps

    Virus, US-China tensions hit global markets

    Market sentiment turns cautious amid events in the US

    Investors look indecisive ahead of another volatile week

    Investors look indecisive ahead of another volatile week

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

Home » Dollar steadies after a rally, euro directionless

Dollar steadies after a rally, euro directionless

by Joseph Deen
July 7, 2021 07:47
in Technical analysis
0
Pound corrects higher due to dollar weakness

EURUSD turned more vulnerable following a break below the 20-week SMA that arrives just below the 1.2000 figure

EURUSD

EURUSD struggles for direction on Wednesday following yesterday’s plunge triggered by massive risk aversion that fueled the safe-haven dollar demand. The pair derived support from the 1.1800 area but encountered intermediate resistance around 1.1835, a break above which would pave the way towards 1.1880, followed by the 1.1900 barrier. On the four-hour charts, the pair looks directionless as well as the RSI, suggesting the prices could see further consolidation before deciding on a fresh direction. In a wider picture, EURUSD turned more vulnerable following a break below the 20-week SMA that arrives just below the 1.2000 figure. A break below 1.1800 would add to a downbeat technical picture in the short term.

GBPUSD

The cable managed to get back above the 1.3800 figure on Wednesday to extend the recovery to the 1.3825 region in recent trading. If the pair manages to overcome this local barrier, the next target around 1.3855 will come back into market focus while the key short-term barrier arrives at 1.3900. On the hourly charts, the pound regained the 100-DMA while the RSI turned directionless, suggesting the immediate technical outlook is neutral for the time being. In general, both upside and downside risks look limited at this stage. However, if dollar demand reemerges any time soon, the prices could easily get back below 1.3800.

USDJPY

USDJPY dipped to nearly two-week lows around 110.40 earlier on Wednesday but managed to reverse losses and regained the 20-DMA, today at 110.50. The pair was last seen changing hands in the 110.70 zone, up 0.11% for the day. Now, the greenback needs to retarget the 111.00 barrier that capped gains yesterday. A decisive break above this hurdle would long-term highs around 111.65 back into market focus. On the downside, the 20-DMA represents the immediate support, followed by the mentioned lows in the 110.40 area. On the four-hour charts, the pair is stuck between the key moving averages while the RSI signals a lack of upside momentum in the short term.

XAUUSD

The bullion has been rallying for the sixth day in a row on Wednesday. The XAUUSD pair has settled marginally above the $1,800 figure but refrains from challenging yesterday’s highs seen around $1,815, suggesting the precious metal could be already losing its bullish momentum. However, on the positive side, the daily RSI is pointing north while the prices have settled above the descending 20-DMA, suggesting the bullion could at least stay afloat in the near term. In the longer run, the technical outlook for gold remains constructive, with the $1,900 barrier remaining in market focus. A decisive break above $1,815 would pave the way towards the 200-DMA, today at $1,828.

EURJPY

The cross slipped to two-week lows around 130.50 earlier in the day before reversing losses during the European hours. The pair turned positive for the day but still well off yesterday’s peaks at 131.85. During the recovery, the euro faced resistance represented by the ascending 100-DMA in the 131.00 area that now represents the immediate target for bulls. Despite the bounce, it looks like EURJPY would lack upside momentum to extend the bounce in the short term as the common currency stays on the defensive in general. On the downside, the nearest support is now expected at 130.75, followed by the 130.50 area.

Tags: EURJPYEURUSDGBPUSDUSDJPYXAUUSD
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

Equities struggle amid economic and China-related concerns
Fundamental analysis

Equities struggle amid economic and China-related concerns

December 29, 2022 08:55
16
Dollar lacks upside momentum due to lower Treasury yields
Technical analysis

Currencies stuck in ranges as New Year holiday looms

December 28, 2022 07:01
12
Stocks gain, dollar eases ahead of job market data
Fundamental analysis

Dollar pressured by positive risk sentiment in thin markets

December 27, 2022 04:50
12
Dollar lacks upside momentum due to lower Treasury yields
Technical analysis

Dollar tries to shrug off the pressure

December 26, 2022 05:13
12
Investors spooked by strong US data
Fundamental analysis

Investors spooked by strong US data

December 23, 2022 11:55
11
Dollar lacks upside momentum due to lower Treasury yields
Technical analysis

Dollar back under pressure after short-lived relief

December 22, 2022 05:17
16

Leave Your Opinion Cancel reply

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

Recommended

Bank of Canada becomes inaugural member of new, international Central Bank Network for Indigenous Inclusion

April 27, 2021 14:44
11
Federal Reserve Board releases hypothetical scenarios for second round of bank stress tests

Federal Reserve Board releases hypothetical scenarios for second round of bank stress tests

September 17, 2020 11:01
10
Euro struggles below three-month highs, yen demand persists

Dollar mixed, currencies still lack momentum

April 23, 2020 10:32
17

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
118
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