USDJPY has been climbing higher for the fourth consecutive day on Thursday
EURUSD
EURUSD dipped to one-week lows below 1.18 earlier on the day but managed to trim intraday losses in recent trading. The pair has settled marginally above this level since then and could resume the retreat after a pause should dollar demand pick up any time soon. In this scenario, the common currency may derive support from the 1.1750 area that helped to cap the selling pressure on a few occasions last month. As such, a break below this level could trigger a deeper downside correction in the days to come. In a wider picture, the euro remains within its bullish trend and could still challenge the 1.29 handle after the current retreat is over.
GBPUSD
GBPUSD has accelerated its bearish correction on Thursday and touched nearly one-week lows below 1.3250 in recent trading. Now, as the pair has settled below 1.33, this level acts as the immediate resistance. In the short-term, the path of least resistance is to the downside as the daily RSI is pointing lower in the neutral territory. A break below the 1.32 level will pave the way toward late-August lows around 1.3150 that could cap the downside pressure and trigger a bounce. However, the bullish reversal could take place at higher levels as the greenback could lose its recovery momentum soon.
USDJPY
USDJPY has been climbing higher for the fourth consecutive day. The pair regained the 20-DMA, a daily close above which will act as a confirmation of the latest breakout. Still, downside risks for the dollar persist as long as the prices stay below the 107.00 handle and the 100-daily moving average that arrives just below this barrier. On the downside, the immediate support arrives at the mentioned 20-DMA just above 106.00. The daily RSI is pointing only slightly upwards, suggesting further upside potential could be limited. The pair may shift into a consolidative more in the short term before another bull run takes place on the condition that dollar demand persists.
XAUUSD
Gold prices keep losing ground for the second day in a row on Thursday as the metal struggles to regain a sustainable bullish momentum amid the rising dollar. The bullion was rejected from local highs around $1,992 earlier this week and resumed the decline as traders failed to push the prices back above the $2,000 psychological level that has been acting as resistance for nearly a month already. The daily RSI is pointing south in the neutral territory, suggesting the yellow metal could stay on the defensive at least in the short term. A weekly close will depend on the US jobs data that could lift the greenback further, or cap the current recovery depending on the figures on employment and wages.
NZDUSD
The Kiwi came under the selling pressure after a seven-day winning streak. Traders proceeded to profit-taking once the pair climbed to more than one-year highs marginally below 0.68 yesterday. In recent trading, the New Zealand dollar retreated to the 0.6725 area that so far caps the bearish momentum, preventing a break below 0.67. In the short term, the prices will likely remain on the defensive as the greenback continues to regain ground across the board. However, in a wider picture, NZDUSD will likely resume the upside movement once the correction is over. The upbeat tone in the pair persists as long as the prices stay above the 50-daily moving average.
