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Home » Dollar finishes the week on a fairly firm footing

Dollar finishes the week on a fairly firm footing

by Joseph Deen
July 23, 2021 03:32
in Technical analysis
0
Pound corrects higher due to dollar weakness

The New Zealand dollar struggles to regain a mode decisive upside momentum as the greenback remains afloat

EURUSD

The USD index advances for the second session in a row on Friday. As such, the euro turned marginally positive on the day before slipping to the flat-line again in recent trading. EURUSD was last seen at 1.1766, slightly off intraday lows seen at 1.1760. The common currency remains on the defensive and could see fresh losses if the US PMIs surprise to the upside later today. If the recent lows around 1.1750 give up, the pair could target the 1.1700 handle for the first time since late-March. On the upside, the immediate barrier for euro bulls arrives around 1.1780, followed by the 1.1800 figure and the descending 20-DMA that arrives at 1.1828 today.

GBPUSD

GBPUSD climbed to the 1.3790 region on Thursday but failed to extend gains as the 20-DMA deterred the bulls. As a result, the cable came back under selling pressure today following another rejection from mentioned highs earlier in the day. The pair slipped to the 1.3730 region, struggling to regain bullish bias, suggesting the cable remains weak despite the recent bullish attempts. Now, the pair is stuck between the 20- and 200-DMAs, struggling for direction. As long as the prices stay above the 1.3700 figure, downside risks look limited for the time being. On the upside, GBPUSD needs to make a decisive break above the 20-DMA around 1.3800 in order to see a more sustained recovery.

USDJPY

USDJPY rallied to more than one-week highs around 110.50 earlier in the day and was last seen clinging to the upper end of the range as the safe-haven yen demand has waned. In the process, the dollar has finally regained the 20-DMA but is yet to confirm the breakout on a daily and weekly closing basis. If the greenback extends the ascent later in the day, the pair could challenge the 110.70 region next, followed by the 111.00 barrier last seen on July 5th. On the hourly charts, the RSI is signaling that the dollar could be losing some upside momentum now, suggesting the prices may be rejected from the n=mentioned peaks.

XAUUSD

Gold prices are back under pressure following a modest bounce seen on Thursday. The precious metal is now back above the 20- and 100-DMA but could slip again if the greenback attracts fresh buying pressure in the short term. Also, the bullion is yet to hold above the $1,800 figure on a daily and weekly closing basis in order to avoid a more severe downside pressure. The metal was last seen changing hands around $1,798 where the 100-DMA lies. As such, this week’s lows in the $1,792 area are now back in market focus. A break below $1,790 would pave the way to deeper losses in the coming days. However, it looks like the selling pressure would be limited in the short term.

NZDUSD

The Kiwi bounced on Friday to get back to the descending 20-DMA that continues to cap bullish attempts. The pair climbed to the 0.6990 area before retreating marginally in recent trading. The New Zealand dollar struggles to regain a mode decisive upside momentum as the greenback remains afloat despite upbeat risk sentiment. Now, the prices need to regain the 0.7000 figure that triggered a sell-off at the start of the week. However, it looks like the pair would lack the upside momentum to stage a solid rebound anytime soon.

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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