EURUSD briefly jumped above the 1.13 barrier earlier in the day but failed to stay around one-week highs and retreated slightly. Despite the correction, the euro remains positive on the day, marginally below the mentioned resistance. Furthermore, the pair made another bullish attempt in recent trading and rallied to 1.1315. On the downside, the immediate support now arrives around 1.1240. Furthermore, the daily RSI is pointing north, suggesting the common currency will likely retain the upside bias, at least in the short term. on the upside, a decisive break above 1.13 will open the way towards the 1.1350 intermediate resistance.
GBPUSD came across local resistance marginally above the 100-DMA and turned negative on the day. The pair briefly exceeded the 1.25 handle but has settled in the green around 1.2480 following some profit-taking. Now the prices are back stuck between the 100- and 50-DMAs, oscillating in a limited range, with downside risks growing at the moment. If the selling pressure intensifies any time soon, a break below the 550-DMA could send the pound to yesterday’s lows around 1.2335. The daily RSI is pointing slightly south, suggesting cable will likely struggle to regain the upside momentum in the short term.
USDJPY preserves a bullish bias but the upside potential still looks limited as long as the pair remains below the 107.00 key handle. Significant support remains around 106.50 while on the upside, the 20-DMA continues to act as the main obstacle for bulls. In a wider picture, the greenback continues to navigate within a tight range, with the key technical indicators looking neutral, suggesting the current consolidation may continue in the days to come. On the weekly timeframes, the pair remains vulnerable to further losses as long as the prices stay below at least the 108.00 level where the 200-SMA lies.
The cross has been on the offensive since Monday, reversing losses suffered last week. On Tuesday, the euro briefly challenged the 121.00 figure but lacked the upside impetus to confirm the breakout. Despite a partial correction from local highs, the prices stand ready to preserve the bullish bias on the intraday timeframes. The daily RSI continues to point upwards, suggesting further gains could be ahead. On the downside, the key immediate support arrives around 119.50 where the 200-DMA lies. a break below this level will send EURJPY to the 100- and 50-DMAs.
AUDUSD extends yesterday’s recovery from one-week lows registered marginally above the 0.68 handle. The pair climbed to the 0.6955 area that acted as a local resistance. In general, further upside potential looks limited at this stage but a break above the mentioned intraday highs could send the prices to the 0.6975 intermediate resistance that is standing on the way towards 0.70. Once above this level, the latest breakout will be confirmed. It looks like the Australian currency may see another retreat before the bulls send the pair above 0.70.