EURUSD registered a nearly two-week low of 1.0776 earlier in the day and bounced marginally. The pair still struggled to regain 1.08, and it looks like the euro may suffer deeper losses in the near term. however, the selling pressure has eased somehow now, with the RSI both in the short-term and daily charts pointing to nearly flat dynamics. In a wider picture, the common currency remains depressed as long as the prices stay below the key moving averages. The sentiment towards the euro could improve somewhat if the pair manages to climb back above the 1.09 barrier that acts as a meaningful resistance now.
GBPUSD remains below the 50-DMA after recovery attempts have faded earlier in the day. The pair received support marginally above the 1.23 level, where nearly two-week lows lie. Now, the cable needs to regain the mentioned moving average around 1.24 on a daily closing basis in order to avoid another sell-off that would take the prices below 1.23, down to 1.2270. In a bearish scenario, GBPUSD may extend losses to 1.2250. If the current support withstands the downward pressure, the pound will be able to stage a rebound towards the key moving average. Once above the 50-DMA, the prices will retarget the 1.25 resistance area.
USDJPY turned marginally higher on Thursday after four days of losses. The dollar failed to challenge the 106.00 support area and staged a modest bounce. Still, the recovery momentum looks too modest to bet on a sustainable ascent from the current levels. Anyway, the daily RSI reversed north, suggesting the greenback could at least hold above the mentioned support in the near term. Otherwise, the pair may target 105.00. The technical picture in the short-term timeframes has improved recently but there are no substantial bullish signals just yet.
The Kiwi tried to derive the 0.60 figure earlier in the day but received support in this area and recouped yesterday’s losses as a result of a bounce. On the way north, the pair has climbed back above the 50-DMA but is yet to confirm the breakout on a daily closing basis as the bullish momentum remains unconvincing as long as the prices stay below the 0.6140 area. In a wider picture, NZDUSD needs to make a clear break above the 100- and 200-DMAs at 0/6280 and 0.6340, respectively, in order to reinforce its upside bias.
USDCAD is back under pressure after a short-lived rally witnessed yesterday. The pair struggled around the 1.4170 local resistance and retreated below the 1.41 handle. as a result, the daily RSI tuned lower, suggesting the selling pressure may persist in the near term. However, other technical indicators are pointing to limited bearish risks at this stage. It looks like USDCAD will continue to trade in a directionless manner these days, remaining flat on the weekly timeframes. Now, the immediate resistance arrives at 1.41 and then at 1.4130.
Leave Your Opinion