Dollar rally may fade as Iran war drives risk aversion.

NZD/USD fell over 0.7% on Thursday, settling close to 0.5900 and touching its lowest level since late January. The pair has now given back the bulk of its February gains, with a series of lower highs since peaking near 0.6090 in early February pointing to fading bullish momentum.

GBP/USD edged lower by 0.2% on Thursday, settling close to 1.3350 in a strained trading session that kept the pair pinned near three-month lows.

The EUR/USD edged lower on Thursday, down some 0.21% as market sentiment remains risk averse due to the ongoing conflict in the Middle East. This and solid US economic data pushed the pair lower towards the 1.1600 figure ahead of Friday’s session

EUR/USD gains ground after registering modest losses in the previous session, trading around 1.1620 during the Asian hours on Friday. The technical analysis of the daily chart suggests an ongoing bearish bias as the pair remains within the descending channel pattern.

The dollar index steadied around 99 on Friday and was poised to gain more than 1% this week, supported by safe-haven demand as the escalating Middle East conflict and rising oil prices unsettled financial markets.The US-Israeli offensive against Iran has now entered its seventh day, while Tehran la…

The (EURUSD) price rose in its latest intraday trading, taking advantage of the key support stability at 1.1565, which represents a potential target in our previous analysis, which provided bullish momentum that helped it to achieve some gains, in order to recover some of its previous losses.

The price of EURUSD declined in its last intraday trading, to reach our morning expected target at 1.1565 support, preparing to break it amid the continuation of the negative pressure due to its trading below EMA50, which reinforces the strength and stability of the main bearish trend on short-term basis, to notice the emergence of negative signals from relative strength indicators, intensifying the negative pressure on the pair.

The (USDJPY) declined in its last intraday trading, attempting to gain bullish momentum that might help it to recover and rise again, attempting to offload some of its overbought conditions on relative strength indicators, especially with the emergence of negative overlapping signals, amid the continuation of the positive support due to its trading above EMA50, which provides renewed bullish momentum, especially with the trading within bullish channel’s range that limited its previous trading on short-term basis.

The (AUDUSD) price rose strongly on its last intraday levels, in attempt to recover some of its previous losses, supported by the emergence of positive signals from relative strength indicators, after reaching oversold levels, amid the dominance of bearish corrective wave on short-term basis, with the continuation of the negative pressure due to its trading below EMA50, which reduces the chances of the price full recovery on the near-term basis.