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Home » Dollar demand prevails at this stage

Dollar demand prevails at this stage

by Joseph Deen
July 13, 2021 08:16
in Technical analysis
0
Pound corrects higher due to dollar weakness

The fact that the European currency keeps staying below the descending 20-DMA adds to a downbeat technical picture in the short term

EURUSD

EURUSD failed to overcome the 1.1880 hurdle earlier in the day to turn negative early in Europe. If the pair fails to hold above the 1.1830 region, the market focus would shift towards 1.1800. The fact that the European currency keeps staying below the descending 20-DMA adds to a downbeat technical picture in the short term. Furthermore, the daily RSI is pointing south, suggesting the path of least resistance remains to the downside. The technical outlook could improve if the euro gets back above 1.1880 to retarget the 1.1900 figure last seen in late-June. On the hourly charts, EURUSD was last seen with the 200-SMA that lies at 1.1845.

GBPUSD

The cable has been trending lower for the second day in a row on Tuesday as dollar demand continues to persist. As such, the pair failed to hold above 1.3900 on Monday to extend modest losses to 1.3847 in recent trading. In the process, the pound dipped under the descending 20-DMA. If this moving average (today at 1.3865) turns into resistance on a daily closing basis, this would be a confirmation of further deterioration in the short-term technical picture. If the mentioned lows give up any time soon, the 1.3800 figure would come back into market focus. On the four-hour timeframes, GBPUSD is on the verge of a break below the 20-SMA that arrives at 1.3840.

USDJPY

USDJPY extended gains to 110.44 earlier in the day before reversing lower during the European hours. As a result, the dollar turned marginally negative for the day while staying above 110.20 ahead of the opening bell on Wall Street. Following last week’s plunge, the pair has been struggling to get back above the 20-DMA that now represents the key immediate resistance around 110.60. As long as the prices stay below this moving average, the upside potential is limited. On the downside, a break below 110.00 would further deteriorate the short-term technical outlook for the pair. On the weekly timeframes, however, the picture remains neutral.

XAUUSD

Gold prices are back in positive territory on Tuesday following a short-lived dip to the $1,790 area seen yesterday. In this zone, the 20- and 100-DMAs converge, so the bullion derived support there to bounce back above $1,800 eventually. The fact that traders buy the dips may signal the overall upbeat outlook for the precious metal, at least in the near term. Earlier in the day, gold prices encountered intermediate resistance in the $1,812 region to pull back slightly. The next hurdle arrives at $1,1818, followed by the key barrier for bulls represented by the 200-DMA (today at $1,827) last seen in mid-June. In the short term, the upside potential in the gold market is limited as the greenback is mostly higher today. In a wider picture, a decisive break above the mentioned 200-DMA would pave the way towards $1,860, followed by the $1,875 and the $1,900 barrier.

USDCHF

USDCHF has been keeping a modest bullish bias since the start of the week while lacking upside momentum to erase recent losses. Last week, the pair plunged dramatically from the 0.9260 area and has been licking would since then. Today, the dollar keeps flirting with the 100-DMA that arrives at 0.9157. A decisive break above this moving average would pave the way towards the ascending 20-DMA, today at 0.9188. If the greenback manages to overcome these intermediate barriers, the pair would get back above the 0.9200 figure. However, it looks like USDCHF would lack the impetus to stage a more robust recovery in the near term despite the prevailing upside bias. On the downside, the immediate support is represented by the 0.9140-0.9130 region.

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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