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Home » Dollar mixed-to-positive at the start of the week

Dollar mixed-to-positive at the start of the week

AUDUSD rejected from fresh multi-year lows, the 0.66 figure in focus.

by Joseph Deen
February 24, 2020 06:24
in Technical analysis
0
Tech analysis

EURUSD

After a solid rally on Friday, EURUSD shows signs of a waning momentum at the start of the week. The euro rebounded from lows below 1.0780 and now clings to the 1.08 figure after being rejected from local highs around 1.0860. Despite the selling pressure has eased, it’s too early to call a bottom as the pair is yet to confirm a break above the 1.08 key level. On the daily charts, the key moving averages suggesting there is a neutral tone in the pair while the RSI is pointing south. In the weekly timeframes, the 50-SMA shows a modest bearish slope which is a sign of the remaining downside risks as long as the common currency stays below 1.09.

GBPUSD

GBPUSD struggles to regain the upside momentum following a short-lived recovery late last week. The pair was rejected from the 1.2980 area and now struggles to get back above the 100-DMA around 1.2955, while the RSI pointing to the downside while remaining in the neutral zone. The pound has the potential to regain the bullish ground as long as the prices remain above the 1.2880 area. On the upside, the initial target arrives at 1.2980 and then at the 1.30 psychological level. Once above this barrier, the prices may target the 50-SMA around 1.3040.

USDJPY

USDJPY has accelerated the decline after failed attempts to stay in the range between the 100- and 20-hour MAs. As a result, the dollar slipped below the 111.00 level and extended losses below 110.80, no targeting the 110.30 area that could serve as a local support. The RSI is trending lower from the overbought territory, suggesting there is some room for another leg lower from the current levels. Still, the tone in the pair remains positive in a wider picture as long as the greenback stays above the 100-DMA around 109.10.  

AUDUSD

The pair refreshed multi-year lows on Monday and switched into a recovery mode. AUDUSD has found a local bottom at 0.6585 and managed to get back above the 0.66 handle. still, the Australian currency is yet to confirm a recovery above this level on a daily closing basis, with bearish risks persisting both in the hourly and daily timeframes. The RSI remains in the oversold territory but shows little to no bias while all the key moving averages pointing to a downside slope. Should the prices struggle to stay above 0.66, the Aussie may register fresh long-term lows.

NZDUSD

The Kiwi extended losses to 0.63, where the buyers reemerged and sent the pair to the 0.6350 area. After heavy losses witnessed last week, NZDUSD remains bearish on the daily timeframes despite the recent rejection from lows. However, should the recovery continue, the pair may regain the 0.6380 region. Once above, the 0.64 handle will come back in market focus. The RSI continues to sit at 30 and shows no any bias, as well as the key moving averages. The immediate upside target arrives at 0.6360.

Tags: EURUSDGBPUSDNZDUSDUSDJPY
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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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