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Pound corrects higher due to dollar weakness

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Home » Greenback builds on gains amid risk aversion

Greenback builds on gains amid risk aversion

by Joseph Deen
September 8, 2021 08:53
in Technical analysis
0
Pound corrects higher due to dollar weakness

The GBPUSD pair slipped below the 20-DMA to notch fresh local lows in the 1.3750 zone

EURUSD

The dollar has been on the offensive since the beginning of the week. Adding to recent gains, the USD index rose to the 92.70 region on Wednesday, picking up an extra pace on the back of risk aversion. As such, the euro slipped to the 1.1811 area in recent trading, threatening the 1.1800 figure as the ECB meeting looms. If this support zone gives up in the short term, the 20-DMA around 1.1780 will come into market focus. On the upside, the immediate resistance now arrives at 1.1840, followed by this week’s highs in the 1.1885 region. On the four-hour timeframes, the RSI is pointing south but is yet to enter the oversold territory. The pair has also settled below the 20-SMA, adding to a more downbeat technical picture in the near term.

GBPUSD

The cable has been losing ground for the third day in a row on Wednesday as dollar demand continues to pick up. The pair slipped below the 20-DMA to notch fresh local lows in the 1.3750 zone during the European hours. If this figure gives up anytime soon, the pound will target the 1.3730 area next, followed by the 1.3700 figure. Now, the pair needs to hold above the 20-DMA in order to avoid deeper losses in the short term. However, it looks like the prices would stay under pressure as the daily RSI is pointing lower in the neutral territory, suggesting there is room for further losses at this stage. On the upside, the cable needs to regain the 200-DMA, today at 1.3816, in order to shrug off the selling pressure.

USDJPY

USDJPY surged to mid-August highs around 110.44 earlier in the day. However, the pair failed to preserve gains and retreated to enter the negative territory on the daily charts. The prices slipped but keeps holding above the 110.00 figure during the European hours. Should this level withstand the downside pressure in the short term, the dollar may see a bounce. Despite the recent correction, the 110.50 resistance remains in market focus for the time being. Furthermore, the technical picture on the four-hour timeframes remains bullish, with the RSI still pointing slightly higher. In a wider picture, the outlook remains upbeat as long as the prices stay above the 20-week SMA, today at 109.85.

XAUUSD

Gold prices switched into a recovery mode on Wednesday following two days of losses. However, the upside momentum lacks follow-through as the dollar remains on the offensive. Yesterday, the precious metal slipped below the $1,800 figure and has been struggling to regain this level since then. The XAUUSD pair was last seen changing hands around the 20-DMA which arrives just below $1,800. A sustained break below this figure and the mentioned moving average could confirm the bearish continuation pattern. In the short term, the yellow metal would see deeper losses. Should the mentioned 20-DMA give up any time soon, the $1,780 region will come into market focus next. On the hourly charts, the technical picture looks neutral, with the RSI directionless while the prices have settled around the 20-SMA.

USDCHF

USDCHF extended the rally to mid-August highs around 0.9212 earlier on Wednesday before retreating marginally. Still, the pair managed to stay above the 0.9200 figure while the daily RSI continues to point higher in the neutral territory, suggesting the dollar could at least stay afloat in the short term. A daily close above this level would be a confirmation of the latest breakout and could pave the way to the 0.9230 area next. On the downside, the immediate support is now expected at 0.9180 where intraday lows arrive. In a wider picture, the technical outlook remains buoyed as long as the prices stay above the 20-week SMA which arrives at 0.9110.

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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