The USD index has settled around the 96.00 figure, struggling to show some gains in the short term
The greenback looks mixed on Tuesday, lacking the safe-haven demand despite the persisting downbeat tone in the global financial markets. The USD index has settled around the 96.00 figure, struggling to show robust gains in the short term. In turn, gains for the greenback are being capped by lower US Treasury bond yields amid the anti-risk flow. As such, EURUSD briefly dipped below the 1.1300 figure earlier in the day before bouncing in recent trading. The euro climbed back into positive territory and was last seen flirting with the 20-DMA around 1.1330. The latest European data showed that the headline German IFO business climate index improved to 98.9 in February from 96 in January, coming in better than expected.
The pound looks relatively steady these days, clinging to a fairly tight trading range. The upside potential has been capped by the 1.3640 zone for the third week in a row, while on the downside, the key short-term support is represented by the 20-DMA currently at 1.3530. The pair dipped to five-day lows around 1.3555 earlier in the day before bouncing marginally in recent trading. The cable is now to get back above the 1.3600 figure in order to regain bullish bias on the intraday charts. In part, the pound’s resilience is due to a lack of dollar demand despite its safe-haven status. In the immediate term, however, it looks like the pair could stay under some pressure for the time being as the Russia-Ukraine crisis remains in the market focus.
The bitcoin price keeps losing ground along with global stock markets on Tuesday. The BTCUSD pair extended losses to early-February lows around $36,300 before bouncing back above $37,000 in recent trading. The technical picture has deteriorated further after a break below the $40,000 psychological level, with downside risks persisting as long as the prices stay below this figure. So, despite the prices turning positive on the day, bearish risks continue to persist at this stage. On the four-hour charts, the coin peeks trading below the ley moving averages while the RSI is bouncing from the 30 figure, suggesting BTCUSD could at least stay afloat in the immediate term. Should the digital currency regain the $38,00 figure anytime soon, the prices would retarget the $40,000 critical resistance.
USDCAD briefly climbed to one-week highs around 1.2770 earlier in the day before retreating back into the negative territory during the European hours as the greenback still lacks bullish momentum. The pair dipped to intraday lows around 1.2725 and could threaten a slightly ascending 20-DMA, currently at 1.2710, should the downside pressure intensify in the near term. If this moving average withstands the pressure, however, one could expect another bullish attempt, with the mentioned local highs staying in the market focus as long as the prices keep holding above the 1.2700 figure. On the weekly timeframes, USDCAD turned slightly negative while also trading relatively steady within a tightening range. The pair was last seen changing hands around the mentioned intraday lows and could derive support from the 20-DMA should the pressure persist in the near term.