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Home » Greenback looks upbeat despite trimming gains

Greenback looks upbeat despite trimming gains

by Joseph Deen
July 21, 2021 07:56
in Technical analysis
0
Pound corrects higher due to dollar weakness

The euro has settled just below the flat-line, struggling to turn positive on the daily charts

EURUSD

EURUSD came off fresh April lows seen at 1.1750 earlier in the day. The pair has settled just below the flat-line since then, struggling to turn positive on the daily charts as the greenback remains on the offensive despite the recent retreat from fresh peaks. Now, the common currency needs to climb back above the 1.1780 region in order to retarget the 1.1800 figure that represents the immediate upside target for euro bulls. However, it looks like EURUSD will continue to struggle in the short term as the ECB meeting is looming. On the four-hour timeframes, the recovery momentum is capped by the descending 20-SMA that arrives at 1.1790.

GBPUSD

The cable is attempting to stage a bounce following a four-day losing streak on Wednesday. The pair plunged to six-month lows around 1.3570 yesterday to settle around the flat-line marginally above 1.3600 in recent trading. Now, the pound needs to hold above this figure in order to avoid deeper losses in the short term. On the hourly timeframes, GBPUSD exceeded the 20-SMA in recent trading. However, the overall technical picture remains bearish at this stage. Should the cable overcome the 1.3640 immediate barrier, a slightly ascending 200-DMA that arrives just below 1.3700 will come back into market focus. Meanwhile, the technical outlook on the weekly charts keeps deteriorating since rejection from the 20-SMA.

USDJPY

USDJPY has been climbing north for the second day in a row, extending the recovery from late-May lows seen just above 109.00 earlier in the week. On Wednesday, the greenback regained the 110.00 figure but is yet to confirm the latest breakout on a daily closing basis. If the prices manage to hold above this level in the short term, the 20-DMA around 110.40 will come into focus as the immediate upside barrier. On the downside, the nearest support is now represented by 110.00, followed by 109.80 and 109.50 where the ascending 100-DMA lies. On the four-hour charts, the technical picture is neutral as the prices are stuck between the key moving averages while the RSI looks directionless in neutral territory.

XAUUSD

gold prices remain stuck between the key moving averages, struggling to regain upside bias as the greenback remains strong despite risk aversion has abated. As of writing, the XAUUSD pair was changing hands around $1,803, attempting to hold above the $1,800 figure. If this level gives up in the short term, the 20- and 100-DMAs at $1,797 and $1,793, respectively will come back into market focus. However, the mentioned moving averages should cap the downside pressure and trigger a bounce eventually. On the upside, the 200-DMA (today at $1,824) continues to act as the key immediate target for bulls. As the daily RSI is pointing south in neutral territory, it looks like the path of least resistance remains to the downside for the time being.

USDCAD

USDCAD lacks upside momentum on Wednesday, trading just around the flat-line during the European hours. The pair slipped from late-January tops seen at 1.2807 earlier in the week and has been struggling to regain bullish impetus since then. As of writing, the pair was changing hands at 1.2680 following a rejection from intraday highs registered around 1.2730 at the start of the day. If the dollar continues to erase gains in the short term, the pair could enter negative territory on the daily timeframes. In this scenario, the prices would retarget a slightly descending 200-DMA that arrives at 1.2620 today while the immediate upside target is now represented by the 1.2700 figure.

Tags: EURUSDGBPUSDGoldUSDCADUSDJPYXAUUSD
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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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