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Home » Dollar loses ground against European counterparts

Dollar loses ground against European counterparts

Japanese yen is back at five-month highs after dollar’s failure at 108.00

by Joseph Deen
March 5, 2020 11:10
in Technical analysis
0
Euro struggles below three-month highs, yen demand persists

EURUSD
EURUSD resumed the ascent after yesterday’s brief dip. The euro faced resistance at 1.12 while on the downside, the 200-DMA continues to act as the key near-term support. The technical picture in the daily timeframes remains bullish after the prices broke above the symmetrical triangle earlier this week. The daily RSI is nearing the overbought territory but still pointing upwards, suggesting the rally may continue. To confirm the latest breakout, EURUSD needs to make a clear break above the 1.12 handle. The fact that the pair remains above the key moving averages confirms that downside risks are limited at this stage. 

GBPUSD
The cable has been rising for the third day in a row, having recovered above the 1.29 handle in recent trading. The pair registered fresh March highs around 1.2935 but was rejected and is now trying to hold above 1.29. Should GBPUSD fail to confirm a break above this level, downside pressure may reemerge and bring the prices back below 1.28. However, the upside bias in the daily RSI suggests that the pound will probably settle around the current levels for some time. A clear break above 1.2930 will open the way the 1.30 psychological level. 

USDJPY
The pair is back at five-month lows around 106.80, suffering decent intraday losses on Thursday. USDJPY failed to regain the 108.00 intermediate resistance after a plunge below the 200-DMA earlier this week. As such, the dollar is now threatening fresh multi-month lows in the 106.50 area, with the daily RSI pointing south and hasn’t yet reached the oversold territory which is a signal of the persisting bearish risks. The 108.00 level serves as the nearest target for the potential buyers. In a wider picture, the pair needs to regain the above-mentioned moving average. 

USDCAD
After a volatile trading on Wednesday, USDCAD resumed the ascent today and has recouped losses suffered at the start of the week. The bearish attempts were capped by the 1.3380 region, where the bulls remerged and sent the prices back above the 1.33 level. Despite the dollar is back on the rise, the key moving averages remain neutral, showing no any bias at this stage which may point to a limited upside potential and the persisting risk of a bearish correction. 

AUDUSD
The Aussie reversed lower after three days of gains. Still, the downside momentum is capped by the 0.66 level so far. Once below, the selling pressure may intensify in the near term and send the pair below 0.6530. The daily RSI confirms short-term bearish risks. To eliminate the negative scenario, AUDUSD needs to firmly regain the 0.6645 region. However, in a wider picture, the AUD remains bearish as long as the pair stays far below the key moving averages around the 0.68 handle. In the hourly timeframes, the prices got back below the 50-SMA, adding to the selling pressure.

Tags: AUDUSDEURUSDGBPUSDUSDCADUSDJPY
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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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