EURUSD
EURUSD climbed to four-day highs around 1.0980 and is trying to hold above the 100-DMA. The pair has accelerated the ascent on Tuesday but the technical picture remains neutral as long as the common currency stays below the 1.10 handle as this is the key immediate hurdle for bulls. On the four-hour timeframes, the pair has bounced from the key moving averages while the RSI turned flat just below the overbought territory, suggesting the euro may be losing its upward momentum. On the downside, the immediate support arrives at 1.0920.
GBPUSD
GBPUSD rallied to nearly two-week highs around 1.2350 after a break above 1.23. As a result, the pair has exceeded the 50-DMA which is a bullish sign, suggesting the prices may extend the ascent and target the 1.24 resistance level. The daily RSI is climbing north and is yet to enter the overbought territory, suggesting the cable may reach higher levels before a downside correction takes place. On the downside, the 1.23 figure now acts as the initial support, and a daily close above this level will confirm a breakout. However, the RSI on the four-hour charts is showing oversold signals, suggesting the pair could start a retreat soon.
USDJPY
USDJPY is marginally lower but still little changed on the daily timeframes. The pair remains below the 108.00 level, staying in a consolidative mode for over a month already. The intraday low of 107.40 acts as the immediate support for the dollar while on the upside, the mentioned barrier continues to act as the key hurdle for bulls. The pair needs to break any of the moving averages that mark the consolidative range in order to decide on a directional impetus and to exit the familiar horizontal channel. In a wider picture, USDJPY needs to make a clear break above the 108.40 region so that to regain the upside bias.
AUDUSD
AUDUSD rallied to March 9 highs around 0.6650 where the 200-DMA lies. The pair bounced from the 100-DMA late last week and has accelerated the upside momentum in recent trading. The question now is if the prices will manage to hold at the current levels, as the mentioned moving average could attract some profit-taking in the short term. A daily close above the 0.66 figure will confirm the breakout and could shift market focus to the 0.67 handle. On the four-hour charts, there are some overbought signals but the bullish momentum remains in place so far.
USDCAD
USDCAD plunged aggressively on Tuesday. The prices have lost the 1.39 figure and extended losses to the 1.3815 area for the first time since mid-March. As a result, the daily RSI turned south but remained in the neutral territory while the pair came closer to the 100-DMA that comes around 1.37. Now, the prices need to hold above this level so that to avoid deeper losses in the short term. On the upside, a recovery above 1.39 will help to ease the selling pressure. On the hourly charts, the technical picture looks clearly bearish, with the RSI being deeply in the oversold territory, suggesting a bounce from lows could be expected in the short term.
