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Home » Dollar demand picks up across the board

Dollar demand picks up across the board

The Aussie is approaching multi-year lows registered at the start of the week around 0.63

by Joseph Deen
March 12, 2020 10:59
in Technical analysis
0
Euro struggles below three-month highs, yen demand persists

EURUSD
EURUSD failed to stage a decisive recovery above 1.13 again and gave up early intraday gains. Moreover, the pair derailed the 1.12 handle for the first time in nearly a week, suffering losses for the third day in a row. At the same time, it looks like the selling pressure is limited at this stage, as the euro managed to bounce quickly from the lows and trimmed intraday gains. The daily RSI is pointing slightly lower while all the three moving averages remain neutral, suggesting the downside momentum is not so strong. A daily close above 1.1250 is needed to prevent the symmetrical triangle formation in the days to come.

GBPUSD
GBPUSD plunged to mid-October lows below the 1.26 handle. The pair remains under a heavy selling pressure that has intensified after a break below the 200-DMA that acted as a support earlier. As a result of a massive sell-off, the daily RSI accelerated its decline and has approached the oversold territory. Still, the indicator remains above 30 so far, suggesting further losses may lie ahead in the short term. In case of a bounce, the prices will need to regain the above-mentioned moving average first so that to retarget the 100- and 50-DMAs, coinciding just below the 1.30 handle.

USDJPY
The pair climbed back to the levels around the 105.00 figure that acted as a local resistance and capped the upside attempts. On the downside, the daily low was registered around 103.00, and despite the positive bias in the daily charts, bearish risks persist. Only a daily close above 105.00 will neutralize these risks in the near term. The daily RSI is pointing just slightly upwards, confirming the fragile nature of the bounce from the above-mentioned lows. In the weekly timeframes, the technical picture remains bearish. 

AUDUSD
AUDUSD remains under the selling pressure for the fourth day in a row. On Thursday, the decline has accelerated, with the pair approaching multi-year lows registered at the start of the week around 0.63. if this level fails to act as a support, the Aussie will refresh long-term lows, and market focus will shift to the 0.62 handle. On the upside, the prices need to bounce at least above 0.6430 so that to avoid deeper losses in the short term. The daily RSI is pointing lower but has already reached the oversold territory, suggesting the downside momentum could ease soon. 

USDCAD
USDCAD has been rallying for an eight’s day in a row already and reached the 1.3850 area for the first time in four years. The pair’s upside momentum has accelerated since the start of the week. However, the flat daily RSI is suggesting the bullish momentum may be exhausted soon. Besides, the index has settled in the overbought territory. The dollar is now gradually retreating from fresh tops, flirting with the 1.38 figure. On the other hand, a daily close above this level will confirm the latest bullish breakout. 

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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