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Home » Greenback regains ground against major counterparts

Greenback regains ground against major counterparts

USDJPY reversed quickly after a brief plunge to the 101.17 low at the start of the week

by Joseph Deen
March 10, 2020 13:44
in Technical analysis
0
Euro struggles below three-month highs, yen demand persists

EURUSD
Following a rejection from the levels just below 1.15, EURUSD received the intraday support around 1.1330, struggling to regain the 1.14 handle. As a result of the retreat from fresh highs, the daily RSI has reversed south but remains in the overbought territory, suggesting there is still downside potential from here. Should the euro fail to recover above the 1.14 level in the short term, the 1.1330 area could be challenged. As long as the prices remain above this support area, bearish risks are limited. In the weekly timeframes, the common currency remains bullish for a third week in a row. 

GBPUSD
After five days of consecutive gains, GBPUSD reached the 1.32 handle for the first time since late January. The level acted as a strong resistance, and the bearish bounce followed as a result on Tuesday. The pair dipped to the 1.3015 area, where the 50-DMA lies. Marginally below this level, the 100-DMA comes as the next support and may cap further downside attempts in the short term. On the upside, the cable needs to firmly regain the 1.3120 area so that to resume the recent ascent and challenge 1.32 once again. 

USDJPY
USDJPY reversed quickly after a brief plunge to the 101.17 low at the start of the week. Today, the dollar regained the 104.00 figure and registered daily highs around 105.20. Despite a strong bounce, the upside potential remains limited for now. Moreover, the pair stays far below the key moving averages that come around 109.00. The prices need to regain this level so that to retarget the recent local highs around 112.00. In the short term, the greenback may spend some time in a consolidation mode around the 105.00 handle. 

AUDUSD 
AUDUSD saw a very volatile session on Monday, as the pair briefly dipped to fresh multi-year lows around 0.63 and then bounced aggressively to close at 0.6580. Today, the Aussie retains a bearish tone but stays above the 0.65 handle. the daily RSI is pointing south but is yet to reach the oversold levels, suggesting the selling pressure could intensify in the near term should the pair fail to firmly regain the 0.66 figure on a daily closing basis. On the weekly timeframes, the technical picture remains bearish since the start of the year. 

USDCAD
The pair opened sharply higher on Monday and has retreated partially after a brief rally. Today, USDCAD failed to challenge the 1.37 figure and turned slightly negative in the daily charts. Anyway, the prices still haven’t closed the weekly gap and remain not far from nearly three-year highs registered at the start of the week. The technical picture in the weekly charts continues to improve since the start of the year, with the pair getting higher from the key moving averages. In case of profit-taking in the near term, the dollar may derive support around 1.35. 

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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