GBPUSD keeps losing ground for the third day in a row on Tuesday, retreating from late-October highs
A jump in Treasury yields pushed the dollar north, with the USD index continuing its recovery from two-month lows seen last week. As such, EURUSD is now back below the 1.1400 figure and could threaten the ascending 20-DMA, currently at 1.1350, should the buying pressure surrounding the dollar intensify anytime soon. In a wider picture, the pair is now stuck between the 100- and 20-DMAs, with the 1.1400 level being in the market focus at this point. On the hourly charts, the common currency struggles below the 20-SMA while the RSI looks directionless in the neutral territory, suggesting the pair could see a short-term consolidation before deciding on the further direction. On the upside, a decisive recovery above 1.1400 would bring back the 1.1435 intermediate barrier into the market focus.
GBPUSD keeps losing ground for the third day in a row on Tuesday, retreating from late-October highs seen last week around 1.3750. Today, the pair extended the bearish correction to the 1.3615 zone, threatening the 1.3600 figure that represents the immediate support at this point. Should this level give up anytime soon, the cable would target the 1.3575 area, followed by the 1.3545 area where the 20- and 100-DMAs arrive. In a wider picture, the downside risks are limited as long as the prices stay above the 20-week SMA, currently at 1.3540. In the immediate term, it looks like the pound could extend the decline as the daily RSI keeps correcting from the overbought territory, with bearish bias persisting.
USDJPY dipped to local lows around 113.50 late last week before bouncing back above the 114.00 figure on a weekly closing basis. On Tuesday, the dollar extended the recovery to 115.05 but failed to preserve gains and retreated back below the 20-DMA that continues to act as a local resistance. As of writing, USDJPY was changing hands around 113.70, up just 0.09% on the day. Despite the resurgent bullish bias, it looks like the pair would lack the upside momentum to settle above the mentioned moving average on a daily closing basis. Furthermore, should risk aversion intensify anytime soon, the safe-haven demand for the Japanese yen could push USDJPY back into the negative territory. On the downside, the immediate support now arrives at 114.40.
Gold prices have been struggling since another failure at $1,830 last Friday. Yesterday, the XAUUSD pair climbed marginally to get back under the selling pressure on Tuesday. The bullion slipped to the $1,810 area where the 20-DMA lies. Should this moving average withstand the pressure, a bounce could be expected in the near term. However, the upside potential remains limited anyway, at least as long as the precious metal stays below the $1.830 resistance zone. On the four-hour timeframes, the prices were last seen flirting with the 100-SMA, a break below which would pave the way towards the $1,800 psychological support, now strengthened by the 200-DMA. In a wider picture, the $1,800 level is also crucial for the bulls as below it, the technical outlook would deteriorate.
USDCHF has been retaining a bullish bias since last Friday, extending the bounce from early-November lows seen just below the 0.9100 figure. On Tuesday, the dollar climbed to the 0.9165 area before trimming some gains in recent trading as the USD bulls were spooked by the 200- and 20-DMAs. Still, the pair stayed in the positive territory, adding 0.11% on the day. On the downside, the immediate support arrives at 0.9130, followed by the 0.9110 region. On the hourly charts, the technical picture looks neutral as the RSI is directionless while the prices are holding above the key moving averages. IN a wider picture, USDCHF needs to overcome the 0.9200 figure in order to shrug off the downside pressure and retarget cyclical highs around 0.9370.