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Pound corrects higher due to dollar weakness

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Home » Greenback remains on the offensive across the board

Greenback remains on the offensive across the board

by Joseph Deen
September 20, 2021 09:49
in Technical analysis
0
Pound corrects higher due to dollar weakness

USD is further buoyed by worries ahead of the Federal Reserve decision due later this week

EURUSD

The euro stays pressured on Monday as the greenback is further buoyed by worries ahead of the Federal Reserve decision due on Wednesday. The EURUSD pair is flirting with the 1.1700 handle during the European hours, losing ground for the third day in a row on Monday. The pair could slip further to the 1.1660 area which capped the decline one month ago. The euro bounced slightly in recent trading to trim intraday losses. However, downside risks continue to persist while the recovery potential looks very modest for the time being. On the hourly timeframes, the common currency is targeting the descending 20-SMA, a break above which would help ease the selling pressure somehow. In a wider picture, the pair needs to regain the 1.1800 figure where the 20-DMA arrives in order to see a more sustained recovery. As long as the prices stay below this moving average, downside risks persist.

GBPUSD

The cable failed to hold above the 20-DMA on Friday to accelerate the decline at the beginning of a new trading week. The pair slipped to the 1.3660 area for the first time in nearly a month, struggling amid dollar strength across the market. The pound managed to trim intraday losses since then, approaching the 1.3700 figure during the European hours. On the hourly charts, the RSI has reversed north, exiting the oversold territory ahead of the opening bell on Wall Street, suggesting the downside pressure is easing following a sell-off seen in Asia. If the recovery continues in the short term, the 1.3750 region will come back into market focus. However, downside risks continue to persist for the time being as dollar demand could push the pair to fresh lows in the coming days. 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.

USDJPY

USDJPY plunged on Monday following two days of gains ahead of the weekend. The pair is now back below the 20- and 100-DMAs to extend losses to the 109.50 region and was last seen clinging to the lower end of the range amid the persisting demand for the safe-haven Japanese yen. Another failure at 110.00 suggests the greenback lacks bullish momentum to see sustained gains, which implies that the pair could struggle in the coming days. ON the other hand, a hawkish tone from the Federal Reserve may push the greenback north across the board. In this scenario, the prices would get back above the 110.00 figure to climb to the 110.50 region. On the hourly timeframes, the technical picture keeps deteriorating. The prices have settled below the key moving averages while the RSI has entered the oversold territory while continuing to point south.

AUDUSD

The Aussie has been losing ground for the third day in a row on Monday as the US dollar remains on the offensive across the board. The pair extended losses to fresh September lows around 0.7225 before bouncing slightly in recent trading. During the sell-off, AUDUSD dipped below the 20-DMA last week while the RSI keeps pointing south while staying in the neutral territory for the time being, suggesting there is room for further losses in the near term. If the mentioned lows fail to withstand the pressure, the Australian dollar would threaten the 0.7200 figure in the coming days. On the four-hour timeframes, the RSI is correcting higher from the oversold territory but the recovery momentum looks too modest to bet on a more robust bounce in the immediate term. The nearest resistance now arrives around 0.7270, followed by the 0.7300 figure while the mentioned 20-DMA lies in the 0.7330 area.

Tags: AUDUSDEURUSDGBPUSDUSDJPY
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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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