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Home » Dollar bulls attempt to recover their losses

Dollar bulls attempt to recover their losses

by Joseph Deen
September 24, 2021 11:20
in Technical analysis
0
Pound corrects higher due to dollar weakness

It looks like the euro will stay below the 1.1800 figure in the short term

EURUSD

The dollar has steadied on Friday following yesterday’s losses. EURUSD has settled just below the 1.1750 intermediate resistance, struggling to extend gains as the selling pressure surrounding the greenback has eased. It looks like the pair will stay below the 1.1800 figure in the short term. On the downside, the nearest support arrives around 1.1730. The pair was last seen changing hands in the area of intraday lows, down 0.04% on the day. If the mentioned support zone gives up anytime soon, the 1.1700 figure will come back into the market focus while the key barrier for euro bears arrives at 1.1680 where this week’s lows lie. On the upside, a decisive break above the 1.1750 region is needed for an ascent towards the 1.1800 hurdle.

GBPUSD

The cable rallied to the 1.3750 area before retreating marginally on Thursday. The pair finished above the 1.3700 figure but failed to extend the rally to turn negative ahead of the weekend. The pound was last seen flirting with 1.3700, down 0.10% on the day. The daily RSI has recovered from the 30 figure but turned directionless in recent trading, suggesting the pair could struggle to resume the ascent by the end of the day, especially as dollar demand is reemerging today on the back of the prevailing risk-off tone in the global financial markets. 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 has been rallying for the third day in a row on Friday. The pair extended gains to the 110.55 area last seen on August 8 before correcting lower marginally. The dollar was last seen changing hands around 110.40, up 0.10% on the day. A daily close above the 110.00 figure would add to a more upbeat technical picture in the short term. This level represents the key immediate support zone now. As long as the pair stays above it, upside risks continue to persist. Also on the positive side, USDJPY has settled above the 20- and 100-DMAs which converge in the 110.85 area. On the hourly charts, the pair is losing bullish momentum but stays above the key moving averages so far.

XAUUSD

Gold prices turned positive on Friday after two bearish sessions in a row. Yesterday, the bullion extended losses to the $1,737 region last seen on August 11. During the European hours on Friday, the prices surged to the $1,756 area, struggling to challenge the $1,775 zone which triggered a sell-off in Thursday. In a wider picture, the yellow metal needs to regain the $1,800 key barrier in order to see more sustained gains. As long as the XAUUSD pair stays below this figure, bearish risks persist. IN a wider picture, gold prices are oscillating around a slightly ascending 100-week SMA following a bout of volatility seen this week. Should the current consolidation continue in the near term, the bullion would finish the week unchanged.

USDCAD

USDCAD attempts to regain ground following three days of solid losses. The pair slipped to one-week lows around 1.2630 on Thursday before bouncing today. In the process, the dollar got back above the 20-DMA to extend gains to the levels just below the 1.2700 figure which represents the immediate barrier. The prices have retreated marginally since then, suggesting USDCAD may lack upside momentum to erase yesterday’s losses in the short term. On the other hand, a daily close above the mentioned moving average (today at 1.2664) would mark some improvement in the short-term technical picture. On the four-hour timeframes, the immediate outlook has improved somehow but the upside potential remains limited as long as the prices stay below the 20-SMA which arrives at 1.2735.

Tags: EURUSDGBPUSDGoldUSDCADUSDJPYXAUUSD
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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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