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Home » Greenback remains under pressure nearly across the board

Greenback remains under pressure nearly across the board

by Joseph Deen
August 3, 2021 10:54
in Technical analysis
0
Pound corrects higher due to dollar weakness

The euro could need an extra catalyst to overcome 1.1900 on a daily closing basis as the selling pressure surrounding the dollar looks limited

EURUSD

The euro stays afloat marginally below 1.1900 but still lacks the momentum to challenge this immediate barrier. On the downside, the common currency continues to derive support from the 20-DMA, today in the 1.1820 region. If the 1.1880 area gives up anytime soon, the 1.1900 figure would come back into market focus. However, the euro could need an extra catalyst to overcome this hurdle on a daily closing basis as the selling pressure surrounding the greenback looks limited. On the hourly charts, the pair bounced from the 20-SMA to register intraday highs around 1.1885 before retreating slightly. On the downside, the immediate support now arrives around 1.1860-1.1850.

GBPUSD

The pound regained upside bias on Tuesday following two days of losses as the dollar retreats nearly across the board. GBPUSD climbed back above the 1.3900 figure and was last seen flirting with the 100-DMA, today at 1.3920. However, the upside potential looks limited for the time being, and the cable is yet to confirm a recovery above 1.3900 on a daily closing basis. At this stage, GBPUSD needs to hold above the 1.3820 area where the 20-DMA arrives. If this moving average gives up, the 200-DMA, today at 1.3735 will come back into market focus for the first time in nearly two weeks. On the upside, a decisive break above the 1.4000 mentioned hurdle would improve the near-term technical picture that looks neutral for the time being. In a wider picture, the pound looks relatively steady as long as the prices are clinging to the 20-week SMA that lies marginally below the 1.4000 figure.

USDJPY

USDJPY continues to lose ground on Tuesday. The pair slipped to two-week lows just above the 109.00 figure and was last seen clinging to the lower end of the intraday range, suggesting the dollar could stay under pressure in the short term. In this scenario, the 109.00 level may give up to pave the way to the 108.70 region last seen in late-May. However, it looks like the prices would manage to hold above the 109.00 area that may trigger a bounce eventually. On the upside, the immediate target for dollar bulls arrives at 109.30, followed by the 100-DMA, today at 109.57. in a wider picture, USDJPY needs to overcome the descending 20-DMA that arrives just below the 110.00 figure.

XAUUSD

Gold prices struggle to regain bullish momentum, losing ground for the third session in a row on Tuesday. Still, the precious metal is holding above the $1,800 key support that could trigger a bounce in the short term if the dollar stays on the defensive. Earlier in the day, the bullion dipped below the 20-DMA to trim some losses in recent trading. On the four-hour charts, the XAUUSD pair is stuck between the key moving averages while the RSI looks directionless around 48, suggesting the near-term technical picture is mixed. As long as the prices are holding above the $1,800 mentioned support, downside risks are limited. In a wider picture, gold keeps trending higher, staying mostly above a slightly ascending 20-week SMA.

NZDUSD

The Kiwi bounced from the 0.6950 area on Monday to turn positive today. Furthermore, the pair rallied above the 20-DMA and the 0.7000 figure earlier in the day before retreating marginally. The New Zealand dollar is yet to confirm a break above the mentioned psychological level on a daily closing basis in order to extend the ascent in the short term. Otherwise, profit-taking may send the prices to the 20-DMA, today at 0.6975. On the four-hour timeframes, NZDUSD is holding above the key moving averages but looks to be losing upside momentum after peaking at 0.7018 earlier in the day. The prices were last seen treading water just at the 0.7000 figure, up 0.48% for the day.

Tags: EURUSDGBPUSDGoldNZDUSDUSDJPYXAUUSD
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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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