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

Dollar gives up gains as short-term bulls stampede

September 12, 2022 07:50
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 gives up gains as short-term bulls stampede

Dollar gives up gains as short-term bulls stampede

by Joseph Deen
September 12, 2022 07:50
in Technical analysis
0
Russian ruble licks wounds at all-time lows

EURUSD rallied above the 1.0100 figure to notch mid-August highs just below the 1.0200 mark

EURUSD

The US dollar derailed the 108.00 mark for the first time in 2.5 weeks amid the persisting risk-on sentiment in the global financial markets. Also, the greenback is pressured by a stronger euro after the recent rate hike by the ECB. The USD index fell to 107.80 on Monday and could extend the decline in the days to come should US inflation slows down further. The next target for sellers arrives at 107.60. Against this backdrop, EURUSD rallied above the 1.0100 figure to notch mid-August highs just below the 1.0200 mark during the European trading hours on Monday. The shared currency was last seen changing hands around the upper end of the extended trading range, adding mor than 1.5% on the day. A daily close around 1.02 would be a confirmation of another short-term breakout. However, the euro would stay depressed in a wider picture, with bearish risks persisting in the longer-term.  

GBPUSD

Similarly, the pound extended its bounce from fresh March 2020 lows seen just above 1.1400 last week. The pair regained the 1.1600 figure and extended the ascent to the 1.1700 zone during the European hours on Monday as the buck stays on the defensive across the market amid profit-taking. The cable was last seen clinging to the upper end of the trading range, adding 0.95% on the day. Now, the pound needs to challenge the immediate upside target represented by the descending 20-DMA, currently at 1.1712. On the four-hour charts, the bearish momentum has abated as the RSI keeps moving north, approaching oversold territory. Meanwhile, the weekly RSI bounced from oversold levels and points higher, adding to a more upbeat technical picture.

USDJPY

USDJPY fell on Friday after a ten-day rally that brought the pair to fresh 24-year highs around 145.00 last week. The dollar derived support in the 141.50 zone to regain the ascent on Monday. After an early rally towards 143.50, the prices retreated back below 143.00. Still, the pair keeps holding well above the ascending 20-DMA, today at 139.04. The dollar was last seen trading around 142.70, up 0.13% on the day. In the near term, USDJPY needs to hold above the 142.00 mark for a broader bullish momentum to persist. Should the buying pressure surrounding the US dollar reemerge, a decisive rally above 145.00 would bring fresh long-term tops into the market focus. The next major target for USD bulls now arrives at 147.00. On the downside, the prices could get back below 140.00 in case of a deeper retreat in the near term.

XAUUSD

Gold price regained the upside bias on Friday to turn positive on the weekly charts due to a weakening US dollar. Against this backdrop, the precious metal resumed its uneven recovery from multi-week lows seen below $1,690 at the start of the month. The bullion regained the $1,700 psychological level and exceeded the $1,720 zone, albeit refraining from revisiting this week’s highs around $1,728. The bearish pressure surrounding the metal could ease down the road as the Fed will have to proceed to cutting rates at some point. So far, however, the upside potential remains limited as expectations of more interest rate hikes will continue to cap further gains. Should the XAUUSD pair manage to hold above this year’s lows seen around $1,680 in July, the bullion could enter recovery path in the medium term. In the immediate term, the metal needs to hold above $1,720 and challenge the descending 20-DMA, today at $1,732.

Tags: DollarECBEURUSDfedGBPUSDGoldUSUSDUSDJPYXAUUSD
Share4Tweet3
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

Sentiment mixed and cautious ahead of a busy week

Sentiment mixed and cautious ahead of a busy week

October 11, 2021 10:46
14
Stocks rebound marginally, dollar demand persists

Stocks rebound marginally, dollar demand persists

October 29, 2020 08:14
14

Regulators temporarily change the supplementary leverage ratio to increase banking organizations’ ability to support credit to households and businesses in light of the coronavirus response

May 15, 2020 02:11
11

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