On the four-hour charts, EURJPY is now stuck between the key moving averages while retaining a solid bullish bias
EURUSD regained upside momentum on Tuesday following yesterday’s dip to one-month lows. The pair found a local bottom around 1.2050 and climbed back above the 1.2100 figure. In recent trading, the common currency rose to intraday highs around the 1.2130 level that represents the immediate barrier for euro bulls at the moment. The daily RSI has reversed north while pointing higher, which implies that the recovery could continue in the short term. In a wider picture, the pair remains within a bullish trend that stays intact as long as the 100-daily moving average around 1.1925 acts as support.
GBPUSD is now back above the 20-DMA but still struggles to make a decisive breakout following the recent retreat from long-term highs. Furthermore, the pair may need a deeper bearish correction to attract more buyers in order to extend the rally to fresh tops above the 1.37 figure that represents the key target for sterling bulls. On the downside, the immediate support is now represented by the mentioned moving average that arrives at 1.3565. If the 1.3625 area gives up, the pound would target the 1.3670 area next. The daily RSI is directionless in the neutral territory, suggesting the current upside momentum could wane in the short term. In this scenario, the cable could slip back below the 1.3600 figure.
USDJPY has been trading above the 20-DMA for nearly two weeks already. After some losses on Monday, the pair regained upside ground today but still refrains from a decisive break above the 104.00 barrier. On the positive side, the daily RSI is pointing north in the neutral territory, suggesting the dollar could make more decisive bullish attempts in the short term. If so, the pair may target 104.20 next. On the hourly timeframes, it looks like the greenback is losing its upside momentum and could resume the decline after a short-lived spike.
Gold prices retain a modest bullish bias on Tuesday but still struggle to make a decisive break above the 200-DMA following yesterday’s slump to early-December lows marginally above the $1,800 figure. If the bullion manages to overcome the mentioned moving average any time soon, the next hurdle should be expected at $1,855, followed by the 20-DMA, today at $1,875. Meanwhile, the key upside barrier still arrives at $1,900. On the four-hour timeframes, the XAUUSD pair looks directionless while flirting with the 20-SMA while the RSI looks directionless in the neutral territory.
The cross bounced strongly from early-December lows registered on Monday just above the 125.00 handle. Today the euro jumped to the 126.00 area, targeting the 20-DMA that arrives at 126.40. The pair needs to turn this moving average back into support in order to extend the recovery following the recent retreat from March 2019 highs seen in the 127.50 region earlier this month. On the four-hour charts, EURJPY is now stuck between the key moving averages while retaining a solid bullish bias, suggesting further gains could be ahead in the short term. Otherwise, the prices could correct back below 126.00.