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Home » Dollar’s recovery attempts look unconvincing

Dollar’s recovery attempts look unconvincing

by Joseph Deen
August 16, 2021 07:10
in Technical analysis
0
Pound corrects higher due to dollar weakness

The euro could stay under some pressure in the near term before another bullish attempt takes place

EURUSD

EURUSD climbed to the 1.1800 area on Friday when the dollar came under selling pressure across the board. On Monday, the pair was rejected from the barrier to turn negative on the day as the greenback proceeded to a recovery. However, the dollar’s ascent looks too modest and unconvincing at this stage to bet on a deeper retreat in the common currency in the short term. EURUSD derives support from the 1.1777 figure and was last seen marginally off intraday lows, albeit staying in the negative territory. On the four-hour charts, the euro keeps nearing the ascending 20-DMA while the RSI is pointing south, suggesting the pair could stay under some pressure in the near term before another bullish attempt takes place.

GBPUSD

GBPUSD retains a mild bullish bias despite the dollar’s recovery attempts. The pair derives support from the 20-DMA while holding above the 200-DMA for nearly a month already. On the upside, the 1.3870-80 region continues to cap bullish attempts, representing the intermediate barrier on the way towards the 1.3900 figure, followed by the 100-DMA that arrives at 1.3925. Despite its relative resilience, the cable may need an extra catalyst to challenge this moving average that capped gains earlier in the month. On the hourly charts, the prices are flirting with the 20-SMA while the RSI is pointing slightly higher in the neutral territory, suggesting the path of least resistance in the short term is to the upside.

USDJPY

USDJPY has been losing ground for the fourth day in a row on Monday as the safe-haven yen demand persists. The pair slipped to nearly two-week lows around 109.25 in recent trading and was last seen clinging to the lower end of the intraday range. As such, the dollar is now back under the 20- and 100-DMAs while the daily RSI is pointing lower but is yet to enter the oversold conditions, which implies that the pair could see deeper losses in the short term before a reversal takes place. The immediate support is now represented by the 109.00 figure, a break below which would pave the way towards the 108.70 region last seen on August 4th. However, should the greenback derive support from the 109.00 level, a bounce above the 20-DMA (today at 109.90) could be expected.

XAUUSD

Gold prices failed to extend the ascent, albeit briefly challenged the $1,780 area earlier on Monday. The bullion turned marginally negative on the day as the dollar has steadied following recent losses. The XAUUSD pair has settled around $1,775 since then, struggling for direction at this stage. Should the selling pressure surrounding the greenback reemerge anytime soon, the yellow metal may retarget the $1,800 barrier. However, to do this, the prices will first need to overcome the 20-DMA that arrives in the $1,790 area. On the hourly timeframes, the technical picture has deteriorated somehow as the prices are now back below the 20-SMA while the RSI is pointing slightly lower.

AUDUSD

The Aussie turned negative on Monday, still being capped by the descending 20-DMA, today at 0.7360. The pair notched intraday highs around 0.7372 earlier in the day before retreating as the dollar switched into a recovery mode following a sell-off witnessed on Friday. As a result, the price dipped to the 0.7330 area and was last seen clinging to the lower end of the range. The daily RSI has reversed lower in the neutral territory while the pair remains below the mentioned moving average, suggesting the path of least resistance at this stage is to the downside. However, as long as the Aussie stays above the 0.7300 figure, downside risks are limited.

Tags: AUDUSDEURUSDGBPUSDGoldUSDJPYXAUUSD
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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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