• Latest
  • Trending
  • All
Pound corrects higher due to dollar weakness

Dollar at fresh 2021 highs as safe-haven demand persists

August 20, 2021 12:02
Equities struggle amid economic and China-related concerns

Equities struggle amid economic and China-related concerns

December 29, 2022 08:55
Dollar lacks upside momentum due to lower Treasury yields

Currencies stuck in ranges as New Year holiday looms

December 28, 2022 07:01
Stocks gain, dollar eases ahead of job market data

Dollar pressured by positive risk sentiment in thin markets

December 27, 2022 04:50
Dollar lacks upside momentum due to lower Treasury yields

Dollar tries to shrug off the pressure

December 26, 2022 05:13
Investors spooked by strong US data

Investors spooked by strong US data

December 23, 2022 11:55
Dollar lacks upside momentum due to lower Treasury yields

Dollar back under pressure after short-lived relief

December 22, 2022 05:17
Risk demand reemerges cautiously, but caution remains in place

Risk demand reemerges cautiously, but caution remains in place

December 21, 2022 08:49
Dollar lacks upside momentum due to lower Treasury yields

US dollar resists selling pressure

December 20, 2022 10:44
Market sentiment dented by recession fears

Market sentiment dented by recession fears

December 19, 2022 02:53
Dollar lacks upside momentum due to lower Treasury yields

Greenback stays on the defensive nearly across the board

November 16, 2022 05:34
Investor sentiment improves, but gains limited

Investor sentiment improves, but gains limited

November 15, 2022 05:46
Dollar lacks upside momentum due to lower Treasury yields

Dollar licks wounds after plunge

November 14, 2022 05:05
  • Terms & Сonditions
  • Contact
Saturday, January 28, 2023
FWNews - pulse of the forex market
  • FUNDAMENTALS
    Equities struggle amid economic and China-related concerns

    Equities struggle amid economic and China-related concerns

    Stocks gain, dollar eases ahead of job market data

    Dollar pressured by positive risk sentiment in thin markets

    Investors spooked by strong US data

    Investors spooked by strong US data

    Risk demand reemerges cautiously, but caution remains in place

    Risk demand reemerges cautiously, but caution remains in place

    Market sentiment dented by recession fears

    Market sentiment dented by recession fears

    Investor sentiment improves, but gains limited

    Investor sentiment improves, but gains limited

    Risk sentiment keeps deteriorating, dollar climbs

    Stocks celebrate US inflation, dollar slumps

    Virus, US-China tensions hit global markets

    Market sentiment turns cautious amid events in the US

    Investors look indecisive ahead of another volatile week

    Investors look indecisive ahead of another volatile week

  • TECHNICALS
  • Interest Rates
  • Economic calendar
  • Backstage
No Result
View All Result
FWNews - pulse of the forex market
  • FUNDAMENTALS
    Equities struggle amid economic and China-related concerns

    Equities struggle amid economic and China-related concerns

    Stocks gain, dollar eases ahead of job market data

    Dollar pressured by positive risk sentiment in thin markets

    Investors spooked by strong US data

    Investors spooked by strong US data

    Risk demand reemerges cautiously, but caution remains in place

    Risk demand reemerges cautiously, but caution remains in place

    Market sentiment dented by recession fears

    Market sentiment dented by recession fears

    Investor sentiment improves, but gains limited

    Investor sentiment improves, but gains limited

    Risk sentiment keeps deteriorating, dollar climbs

    Stocks celebrate US inflation, dollar slumps

    Virus, US-China tensions hit global markets

    Market sentiment turns cautious amid events in the US

    Investors look indecisive ahead of another volatile week

    Investors look indecisive ahead of another volatile week

  • TECHNICALS
  • Interest Rates
  • Economic calendar
  • Backstage
No Result
View All Result
FWNews - pulse of the forex market
No Result
View All Result

Home » Dollar at fresh 2021 highs as safe-haven demand persists

Dollar at fresh 2021 highs as safe-haven demand persists

by Joseph Deen
August 20, 2021 12:02
in Technical analysis
0
Pound corrects higher due to dollar weakness

EURUSD is hovering around early-November lows seen at 1.1665 and could suffer deeper losses

EURUSD

The USD index surged to fresh 2021 highs earlier today before a slight pullback pushed the greenback marginally lower. However, the persistent risk-off tone helped the dollar regain upside momentum during the European hours as traders continue to digest more hawkish rhetoric from the US central bank. As such, EURUSD is hovering around early-November lows seen at 1.1665 and could suffer deeper losses in the short term as recovery attempts keep failing. On the four-hour charts, the common currency has been trending lower below the 20-SMA, adding to a downbeat immediate technical picture. However, the RSI on the same timeframes has turned flat, suggesting the downside momentum could slow in the near term.

GBPUSD

The cable extended losses to one-month lows around 1.3610, threatening the 1.3600 figure ahead of the weekend. Earlier in the week, the pair failed to hold above the 20- and 200-DMAs, so the downside pressure has intensified since then as the dollar remains on the offensive across the board. The daily RSI is pointing south but is yet to enter the oversold territory, which implies that the pound could see deeper losses before a bounce takes place. The near-term technical outlook would deteriorate further if the 1.3600 figure gives up. In this scenario, GBPUSD could target the 1.3590 area, followed by the 1.3570 zone that triggered a recovery last month. On the hourly charts, the cable is entering the oversold territory but could extend the decline due to a lack of positive drivers.

USDJPY

USDJPY briefly jumped to the 110.20 area on Thursday but failed to preserve gains and finished lower. During the retreat, the pair dipped below the 20-DMA and was last seen flirting with the 100-DMA, today at 109.60. If this moving average gives up anytime soon, the dollar could threaten the 109.50 region. However, it looks like the bearish pressure would be limited at this stage despite the safe-haven yen demand prevails for the time being. On the upside, USDJPY needs to regain the 20-DMA (today at 109.80) in order to get back above the 110.00 figure. On the four-hour timeframes, the immediate technical picture has deteriorated after the pair dipped under the 20-SMA in recent trading.

XAUUSD

Gold prices have been struggling these days amid the persistent dollar strength. The bullion has settled around the 20-DMA this week, staying below the $1,800 figure that represents the immediate target for bulls. The yellow metal has settled within a limited trading range, struggling to overcome the 20-DMA which in turn represents a barrier on the way towards the $1,800 mark. On the downside, this week’s lows around $1,770 act as the key support zone at this stage. As long as the prices stay above this level, downside risks are limited. The XAUUSD pair was last seen changing hands just below $1,783, nearly unchanged for the day. In a wider picture, the outlook for gold looks neutral as the prices are now stuck between the 20- and 100-week SMAs which arrive at $1,809 and $1,750, respectively. in general, the bullion looks relatively steady following a brief plunge to mid-2020 lows last week.

NZDUSD

The Kiwi extended losses to the 0.6800 figure last seen in November. The pair has been declining for the fifth day in a row on Friday, struggling to regain upside momentum amid widespread strength in the dollar. Earlier in the week, the New Zealand dollar plunged below the 20-DMA while the daily RSI is pointing to the downside, suggesting the pair could stay under pressure in the near term. If the 0.6800 level fails to withstand the pressure, the pair could see fresh lows around 0.6780, followed by the 0.6760 figure where the 200-week SMA arrives. On the upside, the immediate resistance is now expected at 0.6840 where the intraday highs lie.

Tags: EURUSDGBPUSDGoldNZDUSDUSDJPYXAUUSD
Share3Tweet2
ADVERTISEMENT
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.

Related Posts

Equities struggle amid economic and China-related concerns
Fundamental analysis

Equities struggle amid economic and China-related concerns

December 29, 2022 08:55
16
Dollar lacks upside momentum due to lower Treasury yields
Technical analysis

Currencies stuck in ranges as New Year holiday looms

December 28, 2022 07:01
12
Stocks gain, dollar eases ahead of job market data
Fundamental analysis

Dollar pressured by positive risk sentiment in thin markets

December 27, 2022 04:50
12
Dollar lacks upside momentum due to lower Treasury yields
Technical analysis

Dollar tries to shrug off the pressure

December 26, 2022 05:13
12
Investors spooked by strong US data
Fundamental analysis

Investors spooked by strong US data

December 23, 2022 11:55
11
Dollar lacks upside momentum due to lower Treasury yields
Technical analysis

Dollar back under pressure after short-lived relief

December 22, 2022 05:17
16

Leave Your Opinion Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

The Federal Reserve building is pictured in Washington, DC, U.S.

Fed’s economic forecasts to give window into extent of coronavirus fears

March 13, 2020 08:37
21
Pound corrects higher due to dollar weakness

Dollar is back under pressure nearly across the board

February 15, 2021 06:45
14
Global sentiment mixed as the Fed meeting looms

Global sentiment mixed as the Fed meeting looms

November 2, 2021 09:41
14

Ads

Shneider Electric

Most Popular

A slow start to the week in FX markets
Technical analysis

Dollar regains ground to start the week

January 25, 2021 07:25
118
A slow start to the week in FX markets
Technical analysis

Greenback advances modestly amid strong data

May 28, 2021 07:38
110
Kim Jong Un reportedly says his nuclear weapons guarantee there will be no more war
News

Kim Jong Un reportedly says his nuclear weapons guarantee there will be no more war

July 28, 2020 08:29
95
FWNews

Copyright © 2022 FWNews

  • Terms & Сonditions
  • Contact
No Result
View All Result
  • FUNDAMENTALS
  • TECHNICALS
  • Interest Rates
  • Economic calendar
  • Backstage

Copyright © 2022 FWNews