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Pound corrects higher due to dollar weakness

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Home » Dollar unchanged around lows ahead of the weekend

Dollar unchanged around lows ahead of the weekend

by Joseph Deen
September 3, 2021 12:02
in Technical analysis
0
Pound corrects higher due to dollar weakness

The Kiwi has been rallying for the sixth day in a row on Friday

EURUSD

The dollar is little changed so far on the day as traders await the employment report. A gain in jobs of significantly less than 500,000 will put the timing of Fed tapering in question and thus put the greenback under more severe selling pressure ahead of the weekend. In this scenario, EURUSD would regain the 1.1900 figure for the first time in a month. Earlier today, the pair climbed to 1.1885 before retreating to the 1.1870 zone. Should the 1.1900 level trigger a bearish correction, the 1.1850 intermediate support will come back into market focus. On the hourly charts, the common currency dipped back under the 20-SMA, suggesting the pair could lose upside momentum in the immediate term.

GBPUSD

The cable advanced to mid-August highs around 1.3845 earlier in the day before retreating in recent trading. The pair turned marginally lower on the day while holding just above the 200-DMA, today at 1.3810. As long as the prices stay above the 1.3800 figure, downside risks are limited. Also, the 20-DMA (today at 1.3770) represents a significant support zone. As such, GBPUSD remains confined to a limited trading range these days, struggling to see a more robust ascent despite the dollar lacks safe-haven demand. On the weekly charts, the pair is yet to regain the 20-SMA around 1.3900 in order to see a more solid upside momentum and get back above the 1.4000 key barrier last seen in June.

USDJPY

USDJPY briefly jumped to the 110.40 area on Wednesday and has been trading in a tight range since then. The pair keeps flirting with the 20-DMA these days, struggling for direction. If this moving average gives up in the short term, the dollar would target the 100-DMA, today at 109.68. On the upside, the pair may need an extra catalyst in order to make a decisive break above 110.00 in the coming days. On the four-hour charts, however, the prices have settled above the key moving averages, suggesting the downside potential would be limited in the immediate term. A daily close above 110.10 would somehow improve the short-term technical picture.

XAUUSD

Gold has been lacking directional impetus these days, oscillating around the 100- and 200-DMAs while holding above the $1,800 figure. On the upside, the immediate resistance arrives in the $1,820-$1,825 area for the time being. On the positive side, the $1,800 figure now acts as support, suggesting bearish risks surrounding gold prices are limited. The bullion was last seen changing hands around $1,813, marginally higher on the day. In the immediate term, the yellow metal would remain in consolidative mode around the mentioned moving averages. If the greenback faces a more intense selling pressure following the upcoming employment report, the bullion will likely regain the $1,820 level by the end of the trading week.

NZDUSD

The Kiwi has been rallying for the sixth day in a row on Friday. In the process, the pair exceeded the 100- and 200-DMAs to extend the ascent to mid-June highs around 0.7130. Yesterday, a daily close above the 0.7100 figure added to an upbeat technical picture. Now, the New Zealand dollar needs to make a decisive break above the mentioned highs in order to see more gains, with the next upside target arriving at 0.7150. On the downside, the 0.7100 level now represents the immediate support, followed by the 100-DMA, today at 0.7080. On the weekly timeframes, the pair looks poised for finishing above the 20-SMA, adding to a bullish technical picture.

Tags: EURUSDFederal ReserveGBPUSDGoldNZDUSDUSDJPYXAUUSD
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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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