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Pound corrects higher due to dollar weakness

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    Markets struggle for direction, dollar steady after gains

    Stock market rally continues, pressuring the dollar

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    Stocks retain bullish bias, capping dollar’s recovery

    Markets struggle for direction, dollar steady after gains

    Stock market rally continues, pressuring the dollar

    Risk sentiment looks mixed, dollar retreats marginally

    Equities in positive territory ahead of the weekend, dollar lags

    Stocks making recovery attempts, markets remain unstable

    Markets indecisive as recession fears persist

    Global stocks in recovery mode but still cautious

    Global stocks back under pressure after short-lived relief rally

    Equity markets mixed, focus shifts to Blinken-Lavrov meeting

    Markets enjoy recovery but risks persist

    Global stocks struggle after a bearish week

    Markets relatively steady to start the week

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Home » Greenback came under pressure despite risk-off tone in the markets

Greenback came under pressure despite risk-off tone in the markets

by Joseph Deen
July 8, 2021 07:49
in Technical analysis
0
Pound corrects higher due to dollar weakness

USDJPY has been under heavy selling pressure since peaking at 111.65 late last week

EURUSD

The euro managed to recover above the 1.1800 figure to erase yesterday’s losses as dollar demand has eased despite the persisting risk aversion across the financial markets. The EURUSD pair has settled marginally above 1.1820. However, the pair could see another retreat below 1.1800. A daily close under this figure would mark further deterioration in the short-term technical picture. so far, further gains in the pair are being capped by the 1.1835-1.1840 area, a decisive break above which would pave the way towards 1.1880, followed by 1.1900. On the four-hour charts, the technical picture has improved somewhat in recent trading, with the euro flirting with the descending 20-SMA.

GBPUSD

The cable extends its correction from the 1.3900 figure that triggered a retreat earlier this week. Today, the pair slipped to the 1.3750 area despite the prevailing dollar weakness, suggesting the pound could stay vulnerable in the coming days. The daily RSI is pointing slightly south, treading water around the oversold levels but is yet to get back under the 30 handle, which implies that GBPUSD will at least struggle to see a solid recovery in the near term and could stage a reversal at lower levels. On the downside, the 1.3730 area in focus now, as a break below it would send the prices to mid-April lows in the 1.3715 region.

USDJPY

Risk aversion sent the USDJPY pair to June 21st lows around 109.75 after a break below 110.00. The dollar has been under heavy selling pressure since peaking at 111.65 late last week. If the mentioned lows fail to withstand the pressure, the pair could target the 109.30 area, followed by the ascending 100-DMA that arrives just above the 109.00 figure. During the plunge, the greenback dipped back below the ascending 20-DMA, and it looks like the path of least resistance remains to the downside for the time being. Should the prices proceed to recovery, the immediate resistance is now represented by the 110.00 figure. In the weekly charts, however, downside risks are limited as long as the pair stays above the 20-week SMA, today at 109.30.

XAUUSD

Gold prices have been rallying for the seventh day in a row on Thursday. The precious metal climbed to mid-June highs around $1,815 and could now target the 200-DMA that arrives at $1,828. However, the bullion will likely need an extra catalyst to overcome this hurdle as the bulls could make a pause after a solid series of growth. In case of a retreat, the XAUUSD pair would get back under the $1,800 figure where the descending 20-DMA lies. On the hourly charts, however, there are no clear overbought signals, suggesting there is room for further upside in the immediate term.

USDCHF

USDCHF plunged dramatically on Thursday amid stronger demand for the Swiss franc as a safe-haven currency. As a result, the pair dipped to the ascending 20-DMA for the first time since mid-June and was last seen clinging to the lower end of the extended trading range around 0.9170. If the mentioned moving average fails to withstand the pressure, USDCHF could challenge the 100-DMA that arrives at 0.9150. However, the pair will likely manage to hold above this support zone as the pressure surrounding the greenback could ease in the short term. In this scenario, a correction towards the 0.9200 initial upside target should be expected.

Tags: EURUSDGBPUSDGoldUSDCHFUSDJPYXAUUSD
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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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