EURUSD dipped to intraday lows around 1.1380 earlier in the day but managed to regain the upside momentum and even turned slightly positive during the recent trading. The common currency climbed back above the 1.14 handle and could retarget four-month highs registered around 1.1450 yesterday. However, it looks like the pair will lack the impetus to stage another rally in the immediate term as the daily RSI looks neutral marginally below the overbought territory. On the downside, failed bullish attempts could bring the mentioned lows back into market focus.
GBPUSD remains stuck between the key moving averages since July 3. Today, the pair came under the selling pressure after failed attempts to break above the 1.2650 resistance on Wednesday. The pound retreated below the 1.26 handle and extended losses to 1.2520 earlier in the day. The pair managed to trim losses since then but it looks like the cable will remain on the defensive in the near term. On the upside, the 200-DMA continues to act as the key hurdle for bulls. If the downside pressure intensifies any time soon, the 1.25 figure could turn into resistance again.
Following two days of losses, USDJPY regained its bullish bias, trying to cling to the 107.00 figure. Earlier in the day, the pair was rejected from the 20-DMA that turned into resistance again. As long as the greenback stays below this moving average, downside risks continue to persist. On the downside, the pair needs to hold above the 106.60 important support in case of another sell-off in order to avoid deeper losses. As a result of the current bounce, USDJPY turned positive on the weekly timeframes but may yet lose its modest upside steam and turn negative again.
The cross resumed the ascent after a brief pause seen yesterday. The pair is now back around the 0.91 handle, a break above which is now crucial for a bullish extension. On the weekly timeframes, the technical picture is improving following two weeks of steep losses, with the RSI pointing north, suggesting the prices could climb further. Once above the mentioned local barrier, the euro will challenge the 0.9112 July high registered earlier this week. A decisive break above this level will open the way towards the 0.9175 key resistance. On the downside, the 0.9055 region acts as the immediate meaningful support.
AUDUSD turned negative on Thursday after two days of mild gains. The pair failed to make sustainable gains above the 0.70 handle and retreated from more than one-month highs registered yesterday around 0.7040. The prices are now back below 0.70 and could stay under this level in the short term as the greenback rises nearly across the board. In a wider picture, the Aussie remains in a consolidative mode with a bullish bias. Meanwhile, the daily RSI reversed lower above the neutral levels, suggesting further losses could lie ahead in the short term.