• Latest
  • Trending
  • All
Dollar lacks upside momentum due to lower Treasury yields

Dollar rally wanes, but outlook remains constructive

June 2, 2022 05:44
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, June 3, 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 rally wanes, but outlook remains constructive

Dollar rally wanes, but outlook remains constructive

by Joseph Deen
June 2, 2022 05:44
in Technical analysis
0
Dollar lacks upside momentum due to lower Treasury yields

USDJPY extended gains to 130.23 today before reversing south in recent trading

EURUSD

The dollar gives up yesterday’s gains, targeting the 102.00 handle again. The USD index failed to extend the recent rally that was capped by the 102.75 region as the selling in equities and bonds hit pause at this stage. Now, the focus shifts to the ADP’s private sector employment report, followed by NFP employment data due on Friday. EURUSD is targeting the 1.0700 level that represents the immediate resistance after a two-day sell-off.  As of writing, the pair was changing hands around 1.0688, up 0.4% on the day. Should the common currency fail to overcome the 1.0700 figure on a daily closing basis, another local sell-off could be expected. On the weekly charts, the euro turned negative after the recent slide but could yet regain the momentum if the greenback fails to stage a significant bounce in the coming days. In the immediate term, the nearest support arrives at 1.0640, followed by the 20-DMA, currently at 1.0618.

GBPUSD

The cable bounced from the 20-DMA during the recent slide to turn positive on Thursday amid widespread profit-taking surrounding the greenback. The pair found a short-term bottom around 1.2460 to get back above 1.2500. However, the pound is yet to confirm the latest recovery on a daily closing basis as the momentum looks indecisive so far. On the positive side, the daily RSI is pointing higher in neutral territory while the prices hold above the mentioned moving average, suggesting GBPUSD could retest the 1.2600 handle in the near term. Otherwise, the market focus would shift back to the 20-DMA that has been capping losses since May 20. On the four-hour timeframes, the technical picture looks constructive, but the pair is yet to overcome the key moving averages that could prevent the prices from a more sustained recovery.

USDJPY

On Wednesday, USDJPY rallied above the 130.00 figure for the first time since mid-May. The pair extended gains to 130.23 today before reversing south in recent trading. Still, the downside pressure seems to be limited at this stage, with the greenback holding above 129.50 while also staying above the 20-DMA at this stage. It looks like the pair could see another retreat before regaining the 130.00 barrier eventually, with the overall outlook for the US currency looking upbeat in a wider picture. On the hourly charts, USDJPY is now back below the ascending 20-SMA while the RSI is pointing south, which implies that the buck could stay on the defensive in the near term before attracting demand at lower levels. The nearest support now arrives at 129.40, followed by the mentioned 20-DMA, currently at 128.65.

AUDUSD

The Aussie briefly climbed to nearly one-month highs on Wednesday before losing some upside momentum to finish nearly unchanged. After a rally towards 0.7230, the pair slipped back below 0.7200 that remains in the market focus today as the bullish bias reemerged. AUDUSD was last seen changing hands around 0.7190, up 0.22% on the day. Of note, yesterday’s rally was capped by the 100-DMA, followed by the 200-DMA, suggesting the Aussie could need extra impetus to challenge the local resistance on the way towards 0.7300. On the downside, the immediate support arrives at 0.7140, followed by the 0.7100-0.7090 zone. In a wider picture, AUDUSD continues its recovery from mid-2020 lows registered last month.

Tags: AUDUSDDollarEURUSDGBPUSDUSUSDUSDJPY
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
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
Dollar lacks upside momentum due to lower Treasury yields
Technical analysis

US dollar resists selling pressure

December 20, 2022 10:44
14

Leave Your Opinion Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Pound corrects higher due to dollar weakness

Dollar recovery looks muted

April 21, 2021 06:24
18
The central bank is widely expected to deliver additional stimulus measures in a bid to support the economy

Investor optimism wanes, ECB in focus

July 21, 2022 06:32
16

Federal Reserve Board modifies Main Street Lending Program to provide greater access to credit for nonprofit organizations such as educational institutions, hospitals, and social service organizations

July 17, 2020 02:02
10

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