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Home » Dollar decline loses steam

Dollar decline loses steam

by Joseph Deen
August 24, 2021 06:26
in Technical analysis
0
Pound corrects higher due to dollar weakness

The euro struggles to extend recovery as the greenback is getting steadier

EURUSD

Upbeat risk sentiment across the financial markets keeps the dollar on the back foot on Tuesday. However, the downside momentum has slowed while the USD index has settled within a narrow range around the 93.00 figure. As such, EURUSD peaked at 1.1750 yesterday to turn marginally lower on Tuesday. The pair EURUSD was last seen changing hands around 1.1730, down 0.12% for the day. If the 1.1750 intermediate resistance continues to cap gains in the European currency, the prices may get back under the 1.1700 figure eventually. In a wider picture, the technical outlook has been deteriorating gradually as the pair is nearing the 1.1570 area where the 100- and 200-week SMAs converge. On the upside, the 20-DMA (today at 1.1775) represents the key barrier on the way towards 1.1800.

GBPUSD

The cable bounced strongly from local lows on Monday as the 1.3600 figure acted as solid support. Earlier today, the pair extended gains to the 1.3750 area but failed to preserve gains and retreated to the flat-line in recent trading. The pound was last seen changing hands just above the 1.3700 level which could turn back into resistance if GBPUSD continues to retreat in the near term. The daily RSI now loos directionless in the neutral territory, suggesting the pair is losing upside momentum after failed attempts around the mentioned 1.3750 local resistance zone. On the hourly timeframes, the prices are now back under the 20-SMA while the RSI has corrected lower from the oversold territory to turn directionless, adding to a less upbeat technical outlook.

XAUUSD

The precious metal peaked at $1,806 on Monday, rebounding strongly amid dollar weakness. Today, the upside momentum has waned, with the bullion trying to hold around the $1,800 psychological level during the European hours as the greenback tries to trim recent losses. A daily close above this figure would be a confirmation of the latest breakout. However, the yellow metal is yet to hold above this level in the coming days in order to extend the ascent. Otherwise, the XAUUSD pair could slip back below the $1,780 area, followed by the $1,760 support zone. On the upside, a decisive break above $1,800 would bring the $1,830 area back into market focus. On the positive side, the prices are holding above the key moving averages on the four-hour timeframes.

NZDUSD

The Kiwi extends its rebound on Tuesday, targeting the 20-DMA which turned into resistance last week when the US dollar rallied across the board. The pair regained the 0.6900 figure to notch local highs around 0.6945 during the European hours. If this region gives up anytime soon, the mentioned 20-DMA, today at 0.6968, will come back into market focus. However, as the dollar looks steadier today, NZDUSD could face hurdles in further bullish attempts. If the pair retreats from the current levels, it could threaten the 0.6900 figure again. Of note, the RSI is getting flat in the shorter-term timeframes, suggesting the upside momentum is slowing already. A daily close below the 0.6920 area would mark some deterioration in the short-term technical picture.

Tags: EURUSDGBPUSDNZDUSDXAUUSD
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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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