EURUSD resumed its bullish trend after a brief retreat to the 1.1240. During the downside correction, the pair managed to hold above the 1.12 key support and bounced quickly, preserving the upbeat tone on Wednesday. The euro extended intraday gains to fresh three-month highs marginally below 1.14, and it looks like the pair is ready to challenge this barrier in the near term if the selling pressure surrounding the greenback persists. On the four-hour timeframes, the technical picture remains bullish, with the prices continuing to follow the ascending moving averages, staying well above them.
GBPUSD extended gains to fresh three-month highs as well. Like the euro, cable derives support from broad-based dollar weakness. Against this backdrop, the pair climbed to the 1.28 handle but is yet to confirm the latest breakout on a daily closing basis as this level could act as a short-term resistance and trigger a local reversal, or at least a short-term correction from the overbought levels. If so, the immediate support is expected at 1.2750. In a bullish scenario, a decisive break above the mentioned barrier will open the way towards 1.2850.
USDJPY has been on the defensive since the start of the week and remains under the negative pressure on Wednesday. The pair failed to hold above the 20-DMA that has turned into resistance. As a result, the technical picture on the daily timeframes deteriorated further, with RSI pointing to further losses ahead. The greenback dipped fresh June lows around 107.25 in recent trading and is now threatening the 107.00 handle. A break below this level will mark a bearish extension and could send the prices below 106.00. However, if the prices manage to stay above the round figure, a bounce should be expected.
AUDUSD resumed the ascent on Wednesday after a brief retreat witnessed yesterday. Still, the upside momentum looks unsustainable at this stage, suggesting the Aussie could retreat again if the prices fail to make a decisive break above 0.70 any time soon. A daily close above this level will confirm the attest breakout and open the way to fresh long-term highs. On the four-hour timeframes, AUDUSD is following the ascending 50-DMA, with the overall technical picture looking fairly upbeat, especially as the prices continue to oscillate around 0.70.
USDCHF plunged to fresh mid-March lows today amid widespread weakness in the greenback. The pair extended losses to 0.9450, staying in a bearish mode for the third day in a row. As a result, the daily RSI is about to enter the oversold territory, staying just above the 30 level. Bearish continuation could bring the prices below 0.94 in the near term, where a bounce may take place. If the dollar initiates a local reversal at the current levels, the immediate upside target should be expected around 0.9510.
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