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Home » Greenback trims losses after a sell-off

Greenback trims losses after a sell-off

by Joseph Deen
July 15, 2021 07:46
in Technical analysis
0
Pound corrects higher due to dollar weakness

The euro has been trading below the descending 20-DMA since early-June

EURUSD

EURUSD managed to get back above 1.1800 but retreated from the 1.1850 intermediate resistance in recent trading to turn negative on the day as the greenback started to erase losses following the recent sell-off. The pair has been trading below the descending 20-DMA since early-June, adding to a downbeat technical picture. If the selling pressure intensifies anytime soon, the euro would get back under the 1.1800 figure and could eventually threaten April lows seen yesterday around 1.1770. On the hourly timeframes, the common currency has settled below the key moving averages while the RSI was last seen reversing north, painting a mixed near-term technical picture.

GBPUSD

GBPUSD bounced from the 1.3810 area to settle marginally above the 20-DMA during the European hours. The pair turned marginally positive on the day but failed to cling to the 1.3900 figure. The pound was last seen changing hands around 1.3870, up just 0.12% for the day. The prices need to stay above the 1.3860 area in order to preserve a modest upside bias and see more gains, with the key bullish target arriving at 1.3900, followed by the 100-DMA that arrives at 1.3935. On the downside, the immediate support arrives at 1.3810, followed by 1.3780 and 1.3740. In a wider picture, the technical outlook remains neutral, however.

USDJPY

USDJPY was rejected from the 110.70 region on Wednesday and extended losses to 109.70 earlier today. However, the dollar managed to bounce in recent trading to turn unchanged for the day. The prices have settled just below the 110.00 figure, a decisive recovery above which would bring the 20-DMA back into play. As long as USDJPY stays below this moving average (today at 110.55), the upside potential is limited in the short term. On the four-hour charts, the RSI has reversed north in recent trading, suggesting the recovery attempts could continue in the immediate term.

XAUUSD

XAUUSD peaked at fresh mid-June highs around $1,1834 earlier in the day to correct lower in recent trading. The precious metal failed to preserve upside momentum as the dollar proceeded to a recovery. The bullion is now back under the 200-DMA that arrives at $1,826. Despite the recent pullback, the overall technical picture looks upbeat, and the prices could resume the ascent following a local correction. Of note, the RSI on the hourly timeframes turned flat following the recent decline, suggesting the yellow metal could at least stabilize around the current levels and refrain from a deeper correction in the immediate term.

USDCHF

USDCHF briefly dipped to nearly one-month lows around 0.9117 earlier in the day before bouncing to the 0.9150 area during the European hours. Still, the pair failed to turn positive on the day as the dollar lacks recovery momentum following a widespread sell-off witnessed on Wednesday. Of note, the 20-SMA on the hourly charts has been capping bullish attempts for the time being. As long as the prices stay below this moving average (today at 0.9143), the upside potential is limited. In a wider picture, the technical outlook has deteriorated after the dollar slipped below the 20-week moving average that arrives around 0.9160.

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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