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Pound corrects higher due to dollar weakness

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Home » Dollar off fresh highs but remains on the offensive

Dollar off fresh highs but remains on the offensive

by Joseph Deen
July 20, 2021 07:19
in Technical analysis
0
Pound corrects higher due to dollar weakness

As long as the euro is capped by 1.1800, the path of least resistance remains to the downside

EURUSD

The dollar trimmed early gains as risk sentiment has improved somehow in Europe. As such, EURUSD bounced from intraday lows around 1.1770 but still faces resistance represented by the 1.1800 figure, suggesting the common currency lacks recovery momentum as traders remain cautious. As long as the euro is capped by this figure, the path of least resistance remains to the downside. The euro was last seen changing hands at 1.1788, down 0.08% for the day. If the mentioned lows give up in the short term, the pair would target the 1.1740 area, followed by the 1.1700 support zone. In a wider picture, it looks like the European currency could slip to 1.1700 before the bulls reenter the game.

GBPUSD

The cable dipped to late-January lows around 1.3625 following a rejection from a slightly ascending 200-DMA at the start of the day. The pair has been losing ground for the fourth consecutive day on Tuesday, and the daily RSI is about to enter the overbought territory, suggesting that the prices could stage a bounce following a plunge. However, the pound needs to regain the mentioned moving average in order to proceed to a recovery in the short term. Otherwise, the 1.3600 figure could be challenged. On the upside, the immediate resistance now arrives at 1.3675 while the 200-DMA lies just under the 1.3700 figure.

USDJPY

On Monday, USDJPY derived support from the 109.00 level where late-May lows arrive. The pair managed to stage a bounce since then to settle around the ascending 100-DMA following a rejection from intraday highs seen around 109.75 early on Tuesday. Despite the dollar lacks recovery momentum at this stage, it looks like the prices could make fresh bullish attempts, with the 109.00 support remaining in market focus. As long as the greenback remains above this figure, downside risks are limited. USDJPY was last seen changing hands at 109.40, nearly unchanged for the day. On the upside, the immediate resistance now arrives at 109.75, followed by the 110.00 figure.

XAUUSD

The bullion bounced on Monday from the levels just below the $1,800 figure where the 20- and 100-DMAs converge. Today, the precious metal turned slightly positive to settled in the $1,816 area during the European hours as the dollar has retreated somewhat from fresh peaks. However, the XAUUSD pair is yet to regain the 200-DMA in order to see a more robust recovery. In the short term, however, it looks like the upside potential would stay limited. If the prices manage to overcome this moving average (today at $1,825), local peaks seen at $1,834 last week will come back into market focus.

NZDUSD

NZDUSD plunged to mid-November lows below 0.6900 before trimming losses slightly in recent trading. The greenback erased some intraday gains but remains on the offensive across the board, suggesting the pair could stay under downside pressure in the short term. also, the fact that the prices derailed the 0.6900 figure adds to a downbeat technical picture at this stage. On the other hand, a daily close above this figure could pave the way to a more pronounced recovery. In this scenario, the 0.6930 area will come back into market focus. On the four-hour timeframes, however, the RSI is pointing south but is yet to enter the oversold territory, suggesting there is room for further losses in the near term.

Tags: EURUSDGBPUSDNZDUSDUSDJPYXAUUSD
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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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