The key immediate hurdle for euro bulls arrives at 1.2150 while the mentioned moving average represents the nearest support
EURUSD has settled above the 1.2100 handle where the 20-DMA lies. The pair retains a modest bullish tone on Thursday but lacks the impetus to stage a more robust ascent as the selling pressure surrounding the greenback has abated somehow. Of note, the daily RSI looks directionless in the neutral territory, suggesting the pair could spend some time in consolidation before deciding on further direction. On the upside, the key immediate hurdle for euro bulls arrives at 1.2150 while the mentioned moving average represents the nearest support. On the hourly timeframes, the common currency was last seen flirting with the 20-SMA, a break below which would mark some deterioration in the short- term technical picture.
GBPUSD rose to fresh April-2018 highs around 1.3865 on Wednesday before retreating marginally. Today, the cable looks directionless in the 1.3830 area and could threaten the 1.3800 figure if the pair fails to hold around the current levels. Still, the pound stays elevated and could target fresh long-term highs after some hesitation as the dollar remains on the defensive. On the four-hour charts, GBPUSD has settled above the key moving averages while the RSI has corrected lower from the overbought territory, painting a mixed short-term technical picture. In the immediate term, the prices may turn marginally lower on the day if the greenback continues to resist the downside pressure.
USDJPY regained the upside bias following the recent slide from four-month highs registered around 105.75 last week. The pair was last seen trading at 104.70, with the 105.00 figure representing the immediate resistance at this stage. As long as the dollar stays below this level, the upside potential looks limited while bearish risks persist. In a wider picture, the pair is now stuck between the key moving averages on the daily charts, with the 20- and 100-DMAs acting as a support zone. USDJPY thus may bounce from this area to climb back to the mentioned multi-week highs in the medium term. Of note, the 100-DMA capped the downside pressure on Wednesday.
The Aussie is back on the rise following a short-lived pause seen on Wednesday. The pair peaked at February highs around 0.7755 yesterday before retreating. However, the correction was short-lived and limited, triggering a push higher in recent trading. Still, the upside potential remains limited, and it looks like AUDUSD would need the additional impetus to challenge the 0.7775 resistance last seen on January 21st. On the four-hour charts, the technical picture looks fairly upbeat, with the pair trading above the key moving averages while the RSI looks neutral. In the immediate term, the pair needs to overcome the 0.7750 local barrier in order to see more gains before the end of the trading day.
USDCAD failed to stage a recovery on Wednesday and resumed the decline today as the greenback stays on the defensive nearly across the board. The pair has settled just above three-week lows seen yesterday at 1.2667, and it looks like the prices are poised for further losses in the short term. If so, the dollar could target the 1.2625 area that represents the intermediate support on the way toward April-2018 lows seen below 1.2600 last month. On the upside, the pair needs to see a recovery above the 20-DMA that has turned into resistance earlier this week. At the moment, the path of least resistance remains to the downside.