Despite the greenback struggling to regain the upside momentum, the USDJPY pair still stay within a broader uptrend
The dollar came back under selling pressure after another failed attempt to overcome the 96.00 figure earlier in the day. Reports that a proposal for a summit between US President Joe Biden and Russian counterpart Vladimir Putin has been accepted by both sides helped ease investor concerns somehow. As risk sentiment had improved, the safe-haven demand for the greenback abated, pushing the euro towards the 1.1400 figure that has been capping further gains so far. As such, the common currency was once again rejected by a slightly descending 100-DMA and retreated early in Europe. The pair was last seen changing hands around 1.1365, up 0.39% on the day. On the hourly charts, the technical picture looks neutral as the prices are stuck between the key moving averages while the RSI is pointing slightly higher.
USDJPY keeps retreating from long-term peaks seen above 116.00 earlier this month. Earlier on Monday, the pair briefly exceeded the 115.00 figure but was rejected by the 20-DMA to turn negative on the day. Despite the dollar struggling to regain the upside momentum, the prices still stay within a broader uptrend while holding marginally below the mentioned multi-year highs. On the four-hour timeframes, however, it looks like the path of least resistance is to the downside for the time being, as the prices keep trending lower below the key moving averages while the RSI is pointing south but is yet to enter the oversold territory. The immediate support now arrives at 114.80. Should the dollar get back under this zone, the near-term technical picture will deteriorate further.
Gold prices climbed to late-May highs around $1,908 earlier in the day before retreating below the $1,900 figure in recent trading as risk sentiment has improved. Despite some profit-taking, the precious metal could regain the upside momentum to notch fresh multi-month tops in the short term, as geopolitics will likely continue to support demand for the bullion. At this stage, the XAUUSD pair needs to hold above the $1,885 region in order to stay afloat and refrain from a deeper bearish correction. Of note, the yellow metal has bounced from intraday lows in recent trading, suggesting the downside potential is limited for the time being. In a wider picture, gold prices have been retaining a strong bullish tone for the fourth week in a row. Should the prices confirm a break above $1,900 in the short term, traders will shift their focus to May’s peaks at $1,916.
The BTCUSD pair extended losses over the weekend to notch early-February lows just below the $38,000 figure. Today, the digital currency tried to stage a bounce but the recovery momentum was capped by the $39,500 intermediate resistance. As such, failure to regain the $40,000 figure suggests the coin will continue to struggle in the near term, with downside risks persisting despite the prices having settled around the $38,000 level in recent trading, adding 2.27% on the day. On the four-hour charts, bitcoin stays below the key moving averages while the RSI is pointing slightly lower, adding to a more downbeat technical outlook. In a wider picture, the BTCUSD pair needs to hold above a slightly ascending 100-week SMA, currently at $33,000.