The pound is flirting with the critical 100-week SMA while the euro stays below 1.1300
EURUSD
The dollar remains steady since the start of the week to regain some upside impetus on Tuesday even as risk sentiment keeps improving in the global financial markets amid the easing concerns over the omicron coronavirus variant. As such, EURUSD keeps flirting with the 1.1300 figure, struggling below the descending 20-DMA. As bearish bias persists, it looks like the pair may derail the 1.1250 region in the near term. A break below this support zone would pave the way towards 1.1230, followed by the 1.1200 figure. The common currency was last seen changing hands around 1.1267, down 0.16% on the day. On the upside, a decisive break above 1.1300 would be followed by the mentioned moving average. However, it looks like bearish risks will continue to dominate in the short term.
GBPUSD
GBPUSD bounced marginally from 2021 lows registered just below the 1.3200 figure but struggles to stage a more robust recovery, struggling under the 1.3300 level amid the persistent dollar strength. The pair looks directionless on Tuesday, with the selling pressure looking limited as well. Of note, the pound is now flirting with the critical 100-week SMA, a decisive break above which would be a bullish sign. On the hourly timeframes, however, the technical picture looks bearish, with the prices trading below the key moving averages while the RSI is directionless in neutral territory. Should GBPUSD fail to stay above the 1.3200 handle in the coming days, a breakdown to fresh long-term lows will be imminent.
USDJPY
USDJPY keeps climbing north on Tuesday after a bullish start to the week. The pair advanced to December highs around 113.75, now targeting the 20-DMA that arrives just below the 114.00 figure that acts as resistance since the plunge witnessed on November 26. A decisive break above this barrier would improve the short-term technical outlook. In this scenario, multi-year highs around 115.50 would come back into the market focus. On the four-hour timeframes, the dollar is nearing the 200-SMA, followed by the 100-SMA that arrives at the 114.00 mentioned level, thus strengthening this immediate barrier for dollar bulls. Also on the positive side, the daily RSI is pointing slightly upwards in neutral territory, suggesting there is room for further gains in the near term.
XAUUSD
Gold prices keep struggling below the $1,790 region where the 100- and 200-DMAs converge, representing the immediate and critical resistance at this stage. The yellow metal regained some upside momentum today after a local depreciation on Monday. Still, the XAUUSD pair lacks drivers to make a decisive break above the mentioned moving averages that have nee capping gains for two weeks already. The safe-haven precious metal will likely continue to struggle below the $1,800 psychological level in the days to come, with bearish risks persisting. On the downside, the trendline around $1,760 could cap potential losses. Should this support give up, the $1,750 region will come into the market focus.
AUDUSD
The Aussie keeps recovering from more than one-year lows registered last Friday just below the 0.7000 figure. Today, the pair extended gains to the 0.7100 handle, followed by the 0.7125 intermediate resistance. However, the Australian dollar may need an extra catalyst in order to see more robust gains in the short term, as the bullish momentum seems to be waning already. Should the selling pressure reemerge, the nearest support could be expected at 0.7050. However, for the time being, downside risks look limited as well. In a wider picture, AUDUSD has turned positive for the first time in six weeks but may lose the recovery momentum yet as the greenback remains strong due to expectations for a faster tapering process by the Federal Reserve.
