The fact that EURUSD preserves a bullish bias amid risk-aversion suggests the euro could at least refrain from fresh losses in the near term
Despite the safe-haven demand, EURUSD stays afloat on Friday. The upside correction from long-term lows has accelerated today, pushing the pair to four-day highs around 1.1280 earlier in the day. The euro was last seen changing hands around 1.1255, up 0.43% on the day. Despite the bullish bias, the common currency lacks the upside momentum to regain the 1.1300 figure that represents the key bullish target at this point. However, the fact that the prices preserve a bullish bias amid risk-aversion suggests the common currency could at least refrain from fresh losses in the near term. On the four-hour charts, the technical picture has improved, since EURUSD has finally exceeded the descending 20-SMA while the RSI has reversed north.
The cable derailed the 1.3300 figure for the first time in 2021 to notch fresh lows around 1.3280 before bouncing to the flat-line in recent trading. Still, the downside pressure persists and could intensify again in the near term, as the safe-haven demand for the greenback persists. In the immediate term, the inability to stay above 1.3300 could bring fresh long-term lows into the market focus. On the upside, the immediate resistance now arrives at 1.3350, followed by the 1.3420 area. On the weekly timeframes, the pound needs to hold above the 100-SMA. Otherwise, the 1.3150 region will come into the market focus. In general, bearish risks continue to persist at this point, with the daily RSI being about to challenge the 30 figure and enter the oversold territory.
USDJPY peaked at 115.50 earlier this week and has been correcting lower since then. The retreat has accelerated on Friday amid a pickup in safe-haven yen demand. As such, the prices dipped to 113.65 before bouncing quickly to the levels above the 114.00 figure in recent trading. Despite the recent plunge, the greenback remains within a broader bullish trend. Furthermore, the pair is still in the green territory on the weekly timeframes. To continue the recovery, USDJPY needs to get back above the 114.30-114.50 region in the short term. On the hourly charts, the RSI is pointing north but stays below the 30 figure, suggesting there is room for further recovery in the immediate term.
The bitcoin price managed to recover on Thursday. However, the upside potential was capped by the $59,500 area. Failure to regain the $60,000 psychological level pushed the coin back to the lower end of the local range today. The BTCUSD pair dipped below the $57,000 level, to $54,300, trading lower along with risky assets in the traditional financial markets. In the short term, the largest cryptocurrency by market capitalization could stay under pressure. However, it looks like the prices will hold above the ascending 100-DMA, currently at $53,900. The immediate bearish target arrives at $54,000, followed by the mentioned moving average. On the upside, the intermediate barrier now lies in the $56,000 area while the key short-term target for bulls is represented by the $60,000 level last seen on Sunday.
The AUDUSD pair dipped to fresh mid-August lows just above the 0.7100 figure before bouncing partially during the European hours. The pair trimmed intraday losses to the 0.7130 region, however, the daily RSI continues to point lower in the oversold territory, suggesting the Australian dollar would at least stay on the defensive in the near term. On the weekly charts, the pair is finishing the fourth bearish week in a row, with the technical picture pointing to further losses in the short term, especially as RSI on the same timeframes continues to point lower but is yet to enter the oversold territory. Now, AUDUSD needs to hold above the 0.7100 figure in order to avoid deeper losses in the coming days.