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Dollar on the defensive against major counterparts

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    Equities struggle amid economic and China-related concerns

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    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

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    Market sentiment dented by recession fears

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    Investor sentiment improves, but gains limited

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  • 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

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    Investors look indecisive ahead of another volatile week

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Home » Dollar on the defensive against major counterparts

Dollar on the defensive against major counterparts

The Kiwi recovers from mid-October lows, trying to regain 0.63

by Joseph Deen
February 27, 2020 07:07
in Technical analysis
0
Tech analysis

EURUSD

EURUSD has been rising for a fifth day on a row. The pair exceeded the 1.09 handle and is challenging the 1.0950 intermediate resistance. Once above, the euro may target the 1.10 figure. Following the latest bullish breakout, the short-term technical picture has improved further. Still, the pair is yet to confirm the breakthrough on a daily closing basis. The daily RSI has recovered from the oversold territory and is pointing firmly to the upside. Meanwhile, the key moving averages suggest the scope for further rebound is limited. On the downside, the immediate support now arrives at 1.09.

GBPUSD

The pound suffered decent losses on Wednesday and is trying to regain the upside bias today. The attempts are looking shallow so far, with the pair staying below the 100-DMA, changing hands around 1.29. in the weekly timeframes, GBPUSD remains in the red territory, struggling to break above the 100-SMA while the weekly RSI is pointing slightly downward around 50. In the short term, the cable needs to stage a clear break above 1.29 in order to retarget this week’s highs around the 1.30 psychological level.

USDJPY

The pair is back under the negative pressure following a short-lived recovery on Wednesday. USDJPY failed to challenge the 110.70 local resistance and has been flirting with the 110.00 figure again, where the 20-DMA lies. The initial resistance arrives at 110.50. Once above, the prices may try to retest the 110.70 region in order to regain the 112.00 mark. While the above mentioned moving average point slightly upwards, the daily RSI suggests the downside pressure may persist in the near term. 

NZDUSD

The Kiwi refreshed mid-October low of 0.6282 on Thursday, where the pair managed to attract demand and quickly recouped yesterday’s losses and turned firmly positive on the daily timeframes. The prices exceeded the 0.63 figure but is yet to confirm the breakout. Amid the local recovery, the daily RSI has been rising from the oversold territory and points north, suggesting the upside momentum in NZDUSD may persist in the immediate term. A daily close above 0.63 will improve the technical picture. 

USDCHF

USDCHF resumed the decline after a brief pause yesterday. The pair failed to stay above the 50-DMA and registered fresh three-week lows around 0.9711, threatening the 0.97 handle for the first time since February 5. Once below, the dollar may extend the decline to 0.9670 and then to 0.9650. The daily RSI shows the downside bias, suggesting there is still room for further losses. On the upside, the 50-DMA around 0.9740 comes as the initial resistance. In a wider picture, the bullish potential remains capped by the 200-DMA since early December.

Tags: EURUSDGBPUSDNZDUSDUSDCHFUSDJPY
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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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