The USD index slipped below the 96.00 figure to settle around 95.80, down 0.19% on the day
EURUSD
The dollar holds relatively steady at the start of the year, with EURUSD treading water in the 1.1360 area, turning negative on the day after a rally witnessed on Friday. The USD index slipped below the 96.00 figure to settle around 95.80, down 0.19% on the day. A break below 96.00 has clouded the short-term technical outlook for the greenback, and it looks like the index could see deeper losses before regaining the upside bias eventually. In this scenario, the common currency may get back to mid-November highs around 1.1385, followed by the 1.1400 figure. However, the euro could need an extra catalyst to overcome this barrier. On the downside, the immediate support is now expected at 1.1330, followed by the 1.1300 figure strengthened by the 20-DMA. On the hourly timeframes, the technical picture looks upbeat, with the RSI pointing north in the neutral territory, suggesting there is some room for short-term gains.
GBPUSD
The cable rallied to 1.3550 on Friday and has been preserving gains since then. During the European hours on Monday, the pair is treading water around the flat-line, struggling to challenge the mentioned tops in thin trading conditions. On the downside, the nearest support now arrives at 1.3500, followed by the 1.3460 region. Meanwhile, the 100-DMA, currently at 1.3560, represents the immediate upside barrier. The pound last touched this moving average in late October and could be rejected from this hurdle in the short term. However, as long as GBPUSD stays above the 1.3500 figure, the downside potential looks limited. On the four-hour timeframes, the technical picture looks upbeat, with the prices trending north above the ascending 20-SMA while the RSI hasn’t entered the overbought territory just yet.
BTCUSD
The bitcoin price continues to trade in a tight range below the $50,000 figure, struggling to regain the 200- and 20-DMAs. The BTCUSD pair was last seen changing hands around $47,200, nearly unchanged on the day. It looks like the digital currency will stay pressured by the key moving averages in the near term before deciding on the further direction. The nearest support is expected at $46,700, followed by the $46,000 figure. On the upside, a decisive break above the mentioned SMAs around $48,000-$48,300 would pave the way towards the $50,000 critical barrier. A daily close above this level would mark some improvement in the near-term technical picture. As long as the largest cryptocurrency by market capitalization stays below this figure, downside risks continue to persist.
XAUUSD
Gold prices briefly jumped to November 22 highs around $1,831 earlier in the day before turning negative amid profit-taking that took the precious metal to the $1,820 area. In recent trading, the bullion trimmed intraday losses to $1,826, struggling to get back to the mentioned highs as the upside momentum looks limited for the time being. On the four-hour charts, the technical picture looks neutral, with the RSI trading directionless around the 64 figure. In a wider picture, the bullion has been clinging to the upper end of the extended trading range and could see fresh multi-week highs in the coming days if the dollar bulls continue to retreat. On the downside, the immediate support arrives at $1,820, followed by the $1,800 psychological level.
