The outlook for BTC remains neutral as the prices remain stuck between the 20- and 100-week SMAs
The dollar witnessed some long liquidation after the Fed announced an interest rate hike. The greenback stayed under pressure despite the announcement of seven hikes in 2022 surprising the market. The USD index extended losses to 98.20 before finishing the day in the 98.50 area. Early on Thursday, the index failed to regain the upside momentum, struggling marginally above the mentioned lows. Still, the downside potential remains limited as long as the prices stay above the 98.00 figure. As such, EURUSD has been retaining a bullish tone since the start of the week. Earlier in the day, the common currency peaked at 1.1066 before retreating partially in recent trading. Now, the euro needs to overcome the 20-DMA, currently at 1.1091, in order to retest the 1.1100 figure that was briefly derailed last week.
USDJPY briefly rallied above the 119.00 figure to finish around 118.70 on Wednesday. Today, the pair turned slightly negative while staying above the 118.50 immediate support ahead of the North American trading session. The dollar stays within a strong bullish trend and could target the 120.00 psychological level next as the prices derailed the 119.00 barrier. On the hourly timeframes, however, the technical picture has deteriorated since yesterday, as the prices have settled back below the ascending 20-SMA while the RSI reversed south in the neutral territory. Should the 118.50 zone fail to withstand the pressure in the short term, the greenback will target the 118.30 region, followed by 118.00. However, it looks like the pair could resume the ascent towards 120.00 after some bearish consolidation.
Gold bounced from late-February lows around $1,894 to finish at $1,926 on Wednesday. Today, the bullion retains a bullish tone, challenging the $1,940 zone where the 20-DMA arrives. However, as risk sentiment remains positive, the metal could struggle to overcome this moving average in the immediate term, with the overall bullish potential looking limited at this stage. Acceptance above the 20-DMA on a daily closing basis is critical for additional gains in the near term. Should the prices regain this immediate barrier, the prices will retarget the $1,955 zone, followed by this week’s highs in the $1,990 area. If gold prices fail to retain positive tone, a retest of $1,895 would pave the way towards more significant lows around $1,870. On the upside, should the prices exceed $1,980, the $2,000 psychological level will come back into the market focus
BTCUSD turned lower on Thursday following a rally witnessed yesterday. The digital currency peaked at $41,700 to finish above the $41,000 figure. On Thursday, the coin came back under the selling pressure and was last seen hovering just above the $40,000 figure. Should the prices give up this psychological level anytime soon, the technical picture will deteriorate. At this stage, however, the bearish potential looks limited. On the four-hour charts, the technical picture looks mixed as the prices hold above the key moving averages while the RSI is pointing south in the neutral territory, suggesting the most popular cryptocurrency could struggle to regain the upside momentum in the near term. In a wider picture, the outlook remains neutral as the pair remains stuck between the 20- and 100-week SMAs.