EURUSD has settled around two-year highs around 1.18 after a short-lived downside correction to the 1.1730 area earlier in the day. The fact that the common currency managed to hold above 1.17 confirms that the bullish impetus remains intact, and the pair is not ready for a more pronounced correction just yet despite the overbought conditions. On the other hand, the 1.18 barrier could deter bulls and trigger local profit-taking that will take the prices lower before another bull run. On the four-hour timeframes, the technical picture looks broadly positive.
GBPUSD extends the rally on Thursday, refreshing March highs around 1.3040. The pair has been climbing for the tenth consecutive day already while the daily RSI has entered the overbought territory, which implies a downside correction somewhere above the 1.30 barrier. On the other hand, should the pound confirm the latest breakout on a daily closing basis, further gains could lie ahead despite the overbought conditions. The technical picture on the four-hour timeframes looks extremely bullish as well. In the weekly charts, the pair has exceeded the key moving averages, which is adding to the upbeat outlook for the pair.
USDJPY is making recovery attempts following five daily bearish candlesticks in a row. On Thursday, the pair bounced from mid-March lows and registered intraday highs around 105.30. However, the dollar was rejected from this level in recent trading, suggesting that the upside potential is still limited while bearish risks continue to persist. At the time of writing, the greenback was attempting to cling to the 105.00 handle. a daily close below this level will confirm a gloomy technical outlook for the pair.
Gold prices failed to make a higher high on Wednesday, with the rally stalling around $1,980. Today, the precious metal switched into a corrective mode amid profit-taking around all-time highs. At the time of writing, XAUUSD was challenging the $1,950 region, a break below which could trigger a more aggressive retreat in the near term. The daily RSI reversed to the downside but remains in the overbought territory, suggesting there is still room for a decline from the current levels. In a wider picture, however, the bullish trend remains intact
AUDUSD turned lower on Thursday after four consecutive days of gains. The pair dipped to intraday lows around 0.7130 but managed to trim losses and has settled around 0.7150 in recent trading. As a result of a bearish correction, the daily RSI reversed south and exited the overbought conditions, which implies further losses may lie ahead in the short term. However, the downside pressure will likely be limited as broad-based dollar weakness remains in place. On the downside, a break below the mentioned lows will open the way towards 0.71 while the key target for bulls arrives at 0.72.