EURUSD struggles around the 200-DMA after a brief jump to fresh early-April highs around 1.1035 earlier in the day on Thursday. Despite the recent ascent, the common currency still lacks the upside momentum to confirm a break above the 1.10 handle. on the other hand, the pair derives support from the 50-DMA around 1.0960 and could spend some time in a consolidation phase before the pair decides on further direction. On weekly timeframes, EURUSD sees strong gains for the second week in a row. However, it looks like the euro will continue to attract profit-taking on fresh bullish attempts, at least in the short term.
GBPUSD is directionless around 1.2270 after failed attempts to challenge the 50-DMA around 1.23. the pair registered the intraday low around 1.2230, and it looks like the bears will stay in control for the time being after a strong rejection from the 1.2360 region on Wednesday. The daily RSI is pointing slightly downwards, suggesting the bearish risks could increase if the cable fails to make a decisive break above the 1.23 barrier any time soon. On the four-hour charts, the pound has settled between the 50- and 100-SMAs, struggling for a short-term direction.
USDJPY remains nearly unchanged on the daily charts while there is a mild bullish bias on the weekly timeframes. The pair is still stuck in a tight range limited by the key moving averages. In the near term, the greenback could extend the current consolidation, considering the flat daily RSI and the lack of directional signals. In the medium term, the pair could make a decisive breakthrough in either direction depending on the drivers. On the upside, the key immediate hurdle for bulls arrives at 108.00 while downside risks are limited as long as the prices remain above 107.00.
USDCAD is marginally higher on the day after two days of losses. Following the recent rejection from the levels just below the 1.40 handle, the dollar struggles to regain the upside momentum, with bearish risks growing as the prices are trading close to the 100-DMA around 1.37, where significant support arrives. A break below this level will mark further deterioration in the short-term technical picture. On the hourly charts, USDCAD looks neutral, with the RSI is pointing upwards. Still, the bias is too modest to bet on further gains in the near term.
The Kiwi is making bullish attempts but the upside potential is very modest, with the pair struggling around the 100-DMA marginally below 1.62. However, NZDUSD looks positive on the weekly timeframes and has been trading not far from mid-March highs registered earlier in the week. It is possible that the New Zealand dollar is losing its momentum and could shift into a corrective mode in the near term. If so, the immediate support now arrives around 0.6170 and then at 0.6150. On the upside, the key hurdle comes at 1.62. A break above this level will open the way to the above-mentioned highs around 1.6230.