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Pound corrects higher due to dollar weakness

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Home » Dollar demand strengthens ahead of the weekend

Dollar demand strengthens ahead of the weekend

by Joseph Deen
August 6, 2021 11:18
in Technical analysis
0
Pound corrects higher due to dollar weakness

If the greenback derives an extra boost from the jobs report, EURUSD would get under 1.1800

EURUSD

EURUSD failed to overcome the 1.1900 barrier earlier in the week and has been struggling since then. The pair dipped below the 20-DMA to extend losses to 1.1807 during the European hours on Friday. It looks like the common currency could derail the 1.1800 figure in the short term, as dollar demand continues to strengthen ahead of the US jobs data due later today. If the greenback derives an extra boost from the report, EURUSD would get under 1.1800 for the first time in more than a week. Then, the 1.1770 region will come back into the market focus. On the hourly charts, the RSI is pointing lower but is yet to enter the oversold territory, suggesting the European currency could see deeper losses in the immediate term.

GBPUSD

The cable continues to oscillate around the 100-DMA, today at 1.3920. On Thursday, the pair reversed previous losses but struggled to make a decisive break above the immediate moving average as the greenback attracted fresh demand due to strong economic data. The pound was last seen changing hands in the 1.3920 area, down 0.05% for the day. On the downside, the immediate support arrives around 1.3870, followed by a slightly ascending 20-DMA that lies at 1.3830. As long as the pair stays above this moving average, downside risks are limited. On the four-hour charts, GBPUSD is flirting with the 20-SMA while the RSI is pointing marginally higher, suggesting the immediate technical picture looks neutral for the time being.

USDJPY

USDJPY has been climbing for the third day in a row on Friday. The pair exceeded the 100-DMA to notch intraday highs around 109.90 before retreating partially during the European hours. If this intermediate resistance gives up any time soon, the prices would retest the 20-DMA, today at 109.87 while the key upside target is represented by the 110.00 figure last seen more than one week ago. In the short term, it looks like the greenback could struggle to regain this barrier, with downside risks persisting despite the recent bounce from local lows around 108.70. On the positive side, however, the daily RSI is pointing north in the neutral territory, suggesting the pair could at least stay afloat in the short term.

XAUUSD

Earlier in the week, gold prices briefly rallied above the $1,830 figure but failed to preserve upside momentum and turned bearish. As a result, the bullion extended losses on Friday to derail the $1,800 psychological support ahead of the weekend amid a stronger dollar. Now, the prices have settled below the key moving averages, suggesting the path of least resistance is to the downside for the time being, with the bearish potential has faded since peaking at the mentioned local highs. On the four-hour charts, the XAUUSD pair was last seen flirting with the 200-DMA, a decisive break below which would add to the worsening short-term technical picture.

USDCHF

USDCHF extends the recovery from mid-June lows seen around 0.9020 earlier this week. On Friday, the pair exceeded the 200-DMA to climb to more than one-week highs in the 0.9080 area. Now, the 0.9100 barrier is back in market focus. A decisive break above this immediate resistance would pave the way towards the 20-DMA that arrives at 0.9130, followed by the 100-DMA, today at 0.9140. On the four-hour timeframes, the dollar has settled above a slightly ascending 20-SMA while the RSI is pointing north, suggesting the pair could at least preserve upside bias in the near term. On the downside, the immediate support is now represented by the 200-DMA that comes around 0.9070.

Tags: EURUSDGBPUSDGoldUSDCHFUSDJPYXAUUSD
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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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