The euro could continue to oscillate around 1.1300 in the near term before deciding on the further direction
EURUSD finished higher on Wednesday, albeit well off intraday highs seen at 1.1345. Today, the euro continues to cling to the 1.1300 figure, struggling for direction around the flat-line as the dollar remains steady after yesterday’s ascent in a knee-jerk reaction to the FOMC meeting minutes that came in on a more hawkish side. The common currency could come under renewed selling pressure in the near term, with the lower end of this week’s range staying in focus as long as the pair stays below 1.1385. On the four-hour charts, the euro is flirting with the 20-SMA while the RSI looks directionless in the neutral territory, suggesting the pair could continue to oscillate around 1.1300 in the near term before deciding on the further direction.
The cable peaked at fresh two-month highs around the 1.3600 figure before retreating on Wednesday. Today, the pair came under renewed bearish pressure after a failed attempt to confirm a break above the 100-DMA, currently at 1.3555. Earlier in the day, the pound briefly derailed the 1.3500 figure before trimming intraday losses to 1.3525. On the weekly charts, the pair is back unchanged now, staying below the descending 20-SMA. In the immediate term, GBPUSD could make another bullish attempt, but it looks like the cable would attract sellers once again, while a decisive break above 1.3600 looks unlikely at this point. On the positive side, the prices stay well above the now ascending 20-DMA, today at 1.3380.
USDJPY keeps retreating gradually from five-year highs seen earlier in the week around 116.35. On Thursday, the dollar extended the downside correction to 115.65 before trimming losses to the 115.80 area in recent trading. Should the overall dollar demand pick up again anytime soon, the pair would try to regain the 116.00 level, but it looks like the greenback would fail to confirm a decisive recovery above this hurdle on a daily closing basis before the end of the trading week. On the hourly timeframes, the technical picture looks neutral, with the pair being stuck between the key moving averages while the RSI is pointing slightly lower in the neutral territory. Should the downside pressure intensify anytime soon, USDJPY would retarget the 115.30 support zone, followed by the 115.00 figure.
Gold prices keep losing ground on Thursday after yesterday’s failure to overcome the $1,830 zone. The precious metal is now back below the $1,800 figure, threatening the 100-DMA, currently at $1,792, ahead of the opening bell on Wall Street. Should the bullion fail to get back above $1,800 anytime soon, the mentioned moving average could turn back into resistance. In this scenario, the yellow metal could see deeper losses amid a stronger dollar and challenge the $1,780 zone should the buyers fail to reenter the game in the coming days. On the weekly timeframes, gold prices have already given up last week’s gains, with the RSI pointing south, suggesting the path of least resistance is to the downside at this point.
The bitcoin price keeps bleeding, with the downside pressure intensifying these days after failed attempts to overcome the 20- and 200-DMAs. The BTCUSD pair extended losses to fresh one-month highs around $42,400 on Thursday and was last seen clinging to the lower end of the extended trading range, staying below the $43,000 figure that now represents the immediate upside target. Of note, the RSI is entering the oversold territory, suggesting the downside pressure could be limited from here. Should the digital currency proceed to recovery anytime soon, the prices would challenge the $43,800 zone after a rise above $43,000. In a wider picture, the prices keep retreating from the 20-week SMA that capped gains last month.