Dollar Down, Economic Recovery Hopes Continue to Grow
February 10, 2021US Dollar remained on the back foot on Friday, bitcoin renews record above $48,000
February 12, 2021EURUSD
The EURUSD is gaining against the US dollar after a well-received speech by Fed Chairman Jerome Powell yesterday. The 1.2130 level is an important focal point of the current gateway for the Euros D pair and the rally towards the 1.2200 level. Failure to reach the reversal above the 1.2130 level could cause the Euro pair to sell off in the 1.2060 area.EURUSD is only bullish as it trades above the 1.2100 level, key resistance is found at the 1.2180 and 1.2230 levels.EURUSD only moves lower when trading below the 1.2100 level, with key support at the 1.2080 and 1.2060 levels.
GBPUSD
The GBPUSD GBP/USD remains stable at this point. Current uptrend from 1.1409 is in progress for 61.8% projection of 1.1409 to 1.3482 from 1.2675 at 1.3956 next. On the downside, break of 1.3758 support will turn bias neutral and bring consolidations. But outlook will stay bullish as long as 1.3564 support holds.
USDJPY
The USDJPY has bounced from 104.41 and while that holds, we may expect a rise to 105 again on the upside. But we cannot rule out a possible test of 104 in the near term.
AUDUSD
The AUDUSD further rise may expected for 0.7819 resistance With 0.7650 minor support intact. Firm break there will resume larger up trend from 0.5506. Next near term target is 61.8% projection of 0.6991 to 0.7819 from 0.7563 at 0.8075. On the downside, break of 0.7650 minor support will delay the bullish case and extend the correction from 0.7819.
USDCAD
The USDCAD pushes the price to an annual low after failing to break the 55-EMA (1.2813). The possibility of a break at the low (1.2668) on 11 February will lead to a negative aspect to challenge the annual low (1.2589), during which the daily close should signal the resumption of the underlying downward trend. Alternatively, a pushback above 1.2700 may open the door for buyers to move the exchange rate back towards the range of 1.2755 – 1.2770.
WTI
The crude oil prices peaked on January 20, 2020 at 59.61. Prices are moving beyond the top 20,February. The reason for the rising support since November is that it is gaining traction, and if immediate resistance continues and prices fall, it could take effect. Otherwise, further gains expose the 2020 peak to 65.62.
XAUUSD
The Precious metal price additional losses below the $1,800 level against the US Dollar. The price traded as low as $1,784 before it started an upside correction. The price is now struggling near the $1,845 level and the 100 simple moving average. The next key resistance is near the $1,865 level and the 200 simple moving average. The main resistance for the bulls is near the $1,875 and $1,880 levels. A proper close above the $1,880 level is must for upside continuation. Conversely, the price might struggle to continue higher and it could below the $1,825 support. The next key support sits near the $1,800 level.