Euro could threaten fresh medium-term lows
EURUSD failed to regain the 1.1800 figure to settle just below this immediate barrier in recent trading. The pair turned marginally lower on the day following a brief and modest recovery seen on Wednesday. Should the pressure reemerge, the pair could revisit April lows around 1.1750. On the four-hour charts, the common currency was last seen flirting with the 20-SMA, a break below which would signal further deterioration in the short-term technical picture. In a wider perspective, the outlook continues to deteriorate further as well. Should the mentioned lows fail to withstand the pressure, the 1.1700 figure would come back into market focus for the first time since late-March.
GBPUSD has been climbing north for the second day in a row, extending the recovery from fresh lows around 1.3570 registered earlier in the week. On Thursday, the cable advanced to 1.3760 following a decisive break above a slightly ascending 100-DMA that arrives at 1.3700. Now, the pair needs to hold above 1.3720 in order to retarget the 20-DMA (today at 1.3800). However, it looks like the pound would lack upside momentum to turn this figure into resistance in the near term as the downside pressure surrounding the greenback looks limited for the time being.
USDJPY rebounded from intraday lows seen marginally above the 110.00 figure to turn unchanged on the daily charts. The pair remains afloat but struggles to extend the recent two-day rally from the 109.00 figure that triggered a bounce at the start of the week. On the hourly charts, the greenback has settled above the 20-SMA while the RSI is pointing north in neutral territory, suggesting USDJPY could yet turn positive on the day if the dollar withstands the current pressure. In a wider picture, the technical outlook has improved since the bounce from the mentioned lows. Furthermore, the prices are now back above the 20-week SMA, adding to a more upbeat technical picture.
Gold prices have been losing ground for the third day in a row on Thursday to register 1.5-week lows around $1,792 earlier in the day. The precious metal failed to hold above the $1,800 threshold as a renewed risk-on wave has gripped global markets. If the dollar climbs later today, gold prices may extend losses to the $1,790 area, followed by $1,784. On the weekly charts, the precious metal is clinging to the 20-SMA that arrives just below the $1,800 figure. A daily and weekly close below this moving average would signal some deterioration in the medium-term technical picture. On the upside, the immediate upside barrier arrives at $1,810, followed by the 200-DMA that arrives at $1,823 today.
USDCHF struggles to regain upside momentum following yesterday’s decline. The pair failed to hold above the 20-DMA that represents the immediate upside barrier at 0.9190 while on the downside, the 100-DMA continues to act as the nearest support that has been capping losses since late-last week. As long as the dollar stays above this moving average that arrives at 0.9160 today, downside risks look limited. On the upside, USDCHF needs a decisive break above the 20-DMA in order to erase previous losses and regain the 0.9200 barrier. On the weekly timeframes, the pair managed to hold above the 20-SMA to trade unchanged during the European hours.