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

Dollar gives away some gains but stays elevated

September 17, 2021 06:49
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
Tuesday, February 7, 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 gives away some gains but stays elevated

Dollar gives away some gains but stays elevated

by Joseph Deen
September 17, 2021 06:49
in Technical analysis
0
Pound corrects higher due to dollar weakness

The common currency could stay on the defensive for the time being

EURUSD

The dollar has steadied on Friday following a strong rally witnessed yesterday. Still, the greenback had to give away part of the recent gains on Friday. As such, the euro bounced from the 1.1750 area to 1.1785. However, the pair failed to extend the recovery and retreated partially in recent trading, suggesting the common currency could stay on the defensive for the time being. The key immediate upside target now arrives at 1.1800. However, as the dollar remains resilient, it looks like the EURUSD pair would finish the week below this figure. On the hourly charts, the technical picture has improved somewhat, as the RSI has reversed north while the prices have settled above the 20-SMA. However, the upside potential is limited in the immediate term, with bearish risks persisting as long as the common currency stays below the 1.1800 figure.

GBPUSD

The cable dipped to one-week lows around 1.3765 on Thursday amid broad-based demand for the dollar. Earlier today, the pair tried to proceed to recovery but encountered a local barrier in the 1.3812 area to get back below the 1.3800 level during the European hours. The pound was last seen changing hands around 1.3780, down less than 0.1% on the day. In the immediate term, GBPUSD needs to regain the 20-DMA in order to shrug off weakness. Otherwise, deeper losses could lie ahead. In a bearish scenario, the cable may slip back to the mentioned lows and even extend the decline towards 1.3750, followed by the 1.3725 region. In a wider picture, the bullish potential has been capped by the 20-week SMA since June, and it looks like the prices will stay below this barrier in the days and weeks to come as the greenback could stay on the offensive due to a hawkish tone from the Federal Reserve.

USDJPY

USDJPY briefly plunged to one-month lows just above the 109.00 figure earlier in the week. On Friday, the pair extends yesterday’s gains and was last seen nearing the 110.00 key figure. In the process, the dollar regained the 20- and 100-DMAs while the RSI continues to point higher, suggesting the greenback would at least stay afloat in the near term. However, USDJPY may need an extra impetus to regain the 110.00 figure on a daily and weekly closing basis. If this figure turns back into support, the next upside barrier should be expected around 110.15 where this week’s highs arrive. On the downside, the immediate support arrives in the 109.85 area where the mentioned moving averages converge. As long as the prices hold above this region, bearish risks are limited.

XAUUSD

Earlier in the week, the bullion climbed to weekly highs in the $1,808 area where the 200-DMA capped gains. As a result, the precious metal retreated to accelerate the decline on Thursday amid broad-based strength surrounding the greenback. The bullion extended losses to $1,745 yesterday before bouncing back above the $1,760 area on Friday, still lacking recovery momentum as the dollar remains strong and elevated ahead of the next Fed meeting due next week. The XAUUSD pair was last seen changing hands around $1,765, targeting the $1,780 immediate upside target followed by the $1,800 key barrier, strengthened by the 20-DMA. It looks like the yellow metal would need an extra catalyst to challenge this hurdle in the coming days, with downside risks persisting following the recent sell-off.

Tags: EURUSDGBPUSDUSDJPYXAUUSD
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

Federal Reserve Board building on Constitution Avenue is pictured in Washington, U.S.

A Fed ‘bailout’ for Main Street? Speed, collateral stand in the way

March 23, 2020 11:38
18

South Pacific Central Bank Governors Committed to Cost Effective Remittances

November 20, 2020 14:44
10
Euro rejected from fresh highs, yen demand persists

Euro still lacks the upside momentum, USD stuck at 111.50

March 25, 2020 12:21
18

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