• Latest
  • Trending
  • All
Russian ruble licks wounds at all-time lows

Dollar consolidates post-CPI gains

April 13, 2022 05:59
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
Saturday, April 1, 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 consolidates post-CPI gains

Dollar consolidates post-CPI gains

by Joseph Deen
April 13, 2022 05:59
in Technical analysis
0
Russian ruble licks wounds at all-time lows

The euro could stage a bullish bounce later in the week if the ECB delivers a hawkish tone on Thursday

EURUSD

The dollar has steadied after yesterday’s rally fueled by rising US inflation. The USD index advanced to fresh May 2020 highs around 100.52 earlier on Wednesday before correcting slightly lower as traders took some profit at long-term peaks. Now, should the 100.56 mark give up, the buck will advance to April 2020 highs within its strong bullish trend. As such, EURUSD plunged to the 1.0810 area before bouncing back to the flat-line in early European deals. Now that the common currency failed to hold above the 1.0830 zone, downside risks have intensified, with two-year lows around 1.0800 back in the market focus. However, the euro could stage a bullish bounce later in the week if the ECB delivers a hawkish tone on Thursday. The EURUSD pair was last seen changing hands around 1.0825, unchanged on the day while the USD index has settled in the 100.39 zone, up 0.1% on the day. 

GBPUSD

Another failure to hold above the 1.3000 mark sent the GBPUSD pair to fresh November 2020 lows around 1.2970 on Wednesday. Following the latest sell-off, the cable bounced slightly to settle around the flat-line in recent trading. However, as the dollar stays elevated across the market, the pound is unlikely to stage a solid recovery in the near term, with downside risks persisting, especially as the priced derailed the 1.3000 psychological level for the first time since late-2020. On the four-hour timeframes, GBPUSD stays depressed while below the descending 20-SMA while the RSI is pointing slightly lower in neutral territory, suggesting there is room for deeper losses in the near term. Should the pressure continue to build up further, the pound may threaten the 1.2900 figure in the coming days of weeks. Adding to a more downbeat technical picture, the pair is trading well below the key moving averages on the weekly charts.  

USDJPY

USDJPY exceeded the 126.00 figure for the first time in twenty years on Wednesday, extending the unprecedented rally amid a strong devaluation in the Japanese yen. The pair advanced to 126.30 for the first time since mid-2005 and was last seen clinging to the upper end of the extended trading range, suggesting the rally could continue in the near term despite the overbought conditions. On the hourly timeframes, however, there are some signs of a waning upside momentum, with the RSI turning flat around the 70 figure while the buying pressure is easing, which implies that the dollar could correct below 126.00 in the immediate term. On the downside, the key immediate support now arrives at 125.30, followed by the 124.00 figure. Should the rally continue in the coming days, however, USDJPY may target the 126.85 zone next.

XAUUSD

Gold prices have been trending north for the sixth day in a row on Wednesday, retaining a bullish bias despite USD strength. The XAUUSD pair advanced to one-month highs just below the $1,980 zone that represents the key barrier on the way towards the $2,000 psychological level. On the positive side, the bullion has settled well above the ley daily moving averages while the RSI keeps pointing north but is yet to enter the overbought territory, suggesting the precious metal could finally regain $2,000 even as the greenback stays elevated at two-year tops. In a wider picture, the XAUUSD pair has been rising for the second week in a row, targeting now the $1,990 zone that could cap gains should the metal lack the bullish momentum in the coming days. On the downside, the nearest support now arrives at $1,950, followed by the 20-DMA, today at $1,938.

Tags: DollarECBEURUSDGBPUSDGoldUSDUSDJPYXAUUSD
Share2Tweet2
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

Euro struggles below three-month highs, yen demand persists

Volatility picked up dramatically in the currency markets

March 9, 2020 13:38
21
Pound corrects higher due to dollar weakness

Greenback regains upside bias ahead of the weekend

June 11, 2021 07:20
16
Tech analysis

Trade of the Day: NZD/CAD

February 17, 2020 20:49
17

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