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Home » The greenback turned positive after a sell-off

The greenback turned positive after a sell-off

The euro was rejected from nearly two-week highs around 1.1150 and extended intraday losses to the 1.10

by Joseph Deen
March 30, 2020 10:58
in Technical analysis
0
Euro struggles below three-month highs, yen demand persists

EURUSD
After six consecutive days of gains, EURUSD turned negative on Monday. The pair was rejected from nearly two-week highs around 1.1150 and extended intraday losses to the 1.10 figure, where the 50-DMA lies. the euro bounced from this area but remains deeply in the red territory. Should the prices fail to hold above the mentioned moving average, further losses may lie ahead in the near term. The daily RSI has reversed south and is pointing to the downside, suggesting the downside risks will persist so far. On the upside, the immediate resistance now arrives at the 200-DMA around 1.1050.  

GBPUSD
Cable has encountered a resistance marginally below the 1.25 figure on Friday and struggles to regain the upside momentum since then. Today, the pair dipped to 1.2317, from where the prices bounced and trimmed intraday gains. The fact that the prices refrain from getting below 1.23 suggests the pound may resume the ascent after a brief pause as the general technical picture remains positive, and the daily RSI doesn’t send any bearish signals just yet. On the other hand, the cable may need the additional impetus to challenge fresh highs in the days to come, as there are important resistance levels in the form of moving averages on the way north. 

USDJPY
USDJPY extended the decline to the 107.00 area on Monday after a rejection from the 111.70 region last week. As a result, the pair got back below the key moving averages and may threaten the 107.00 handle should the pressure persist in the near term. However, the neutral daily RSI is suggesting the bearish pressure is limited for the time being. Besides, the moving averages show no bias at this stage. Should the above-mentioned level act as a support, the dollar may bounce further and regain the 108.00 handle.

NZDUSD
The Kiwi is slightly lower for the day after six days of gains in a row. The pair failed to challenge Friday’s highs around 0.6070 and dipped to daily lows in the 0.5980 region. Now, the 0.60 handle is in focus, as the daily close below this level will signal some deterioration in the short-term technical picture. In general, NZDUSD still looks poised for further gains, with the bulls will likely continue to target 0.61. the daily RSI looks neutral and doesn’t send any bearish signals just yet. The important intermediate support still arrives around 0.59.  

USDCAD
USDCAD briefly dipped to two-week lows earlier in the day and then recovered quickly, having exceeded the 1.4150 area. After a dip below 1.3850, the dollar bounced and turned strongly positive on the day. As a result of a local rally, the daily RSI has reversed and is now pointing upwards, with the 100- and 200-DMAs showing a slight bullish bias as well. Should the pair preserve the current gains, the greenback may target the 1.4280 area in the short term. However, as long as the prices stay below 1.42, there is a risk of profit-taking.

Tags: EURUSDGBPUSDNZDUSDUSDCADUSDJPY
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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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