The greenback briefly jumped to mid-June highs in the 103.60 area before retreating slightly
EURUSD
The USD finished slightly lower on Thursday after a five-day ascent. Earlier in the previous session, the greenback briefly jumped to mid-June highs in the 103.60 area before retreating slightly. Now, the dollar treads water just below the 103.50 area, looking steady and directionless ahead of the weekend. On the downside, the immediate support arrives around 103.20, followed by 103.00 and the 102.80 zone. Despite some correction, the overall technical picture stays positive for the time being even as the buck has so far failed to confirm a break above the 103.50 figure. Now that the dollar is back below this level, fresh drivers could be needed in the near term. Should the DXY see a more intense selling pressure, a break below the 103.20 zone would open the way towards a deeper retreat. Meanwhile, EURUSD bounced marginally, staying below the key SMAs in early European deals. The pair is changing hands around 1.0874 as of writing, up less than 0.1% on the day.
GBPUSD
The cable turned slightly lower on Friday after a three-day recovery that has been capped by the 100-DMA these days. At the start of the week, the pair dipped to late-June lows around 1.2616 before bouncing as the buying pressure surrounding the US dollar eased. Since then, the pair has settled slightly above 1.2700, looking indecisive ahead of the 20-DMA. So the pound is yet to regain the key moving average in order to confirm the latest breakout. Earlier in the day, the pair encountered a barrier represented by the mentioned SMA. As a result, the daily RSI turned negative in neutral territory, suggesting the pair could struggle in the near term. In recent trading, GBPUSD was changing hands around 1.2720, down 0.19% on the day. On the downside, the immediate significant support is now represented by the 1.2700 zone, followed by the 1.2670 level. On the upside, a decisive break above 1.2750 would pave the way to a more sustained recovery. In a wider picture, the pound has been staying within a bullish trend since last September.
USDJPY
The USDJPY pair has been correcting lower since yesterday after peaking at fresh November highs around 146.55. As such, the pair has retreated from the peaks, deciding on the further direction as the upside pressure surrounding the USD has eased somehow. In early European deals on Friday, USDJPY holds above the 145.00 mark that now represents the immediate support. As the pair still stays well above the 20-DMA, downside risks remain limited in the near term. The dollar was last seen changing hands around 145.33, down 0.34% on the day. Now, the greenback needs to regain the 145.50 mark in order to resume the ascent. The daily RSI turned slightly lower in neutral territory, suggesting the dollar could see fresh selling pressure in the immediate term before demand reemerges. On the hourly timeframes, the technical picture looks neutral, albeit downside risks persist as prices are now holding well below the 20-SMA.
XAUUSD
The price of gold turned slightly higher on Friday after the recent slide, struggling to attract more decisive demand even as the buying pressure surrounding the US dollar ebbed. Earlier in the session, the precious metal bounced from the $1,888 level to settle above $1,890, with prices staying vulnerable. Should the pressure reemerge any time soon, the bullion could get back below the $1,885 zone that was seen during the previous session for the first time since March. Gold was last seen changing hands around $1,893, up 0.34% on the day. On the weekly timeframes, the technical picture keeps deteriorating as the metal keep distancing itself from the 20-SMA. On the upside, the immediate target is now represented by the $1,900 level, followed by the $1,915 zone. On the four-hour charts, the XAUUSD pair is holding below the 20-SMA while the RSI looks bullish, painting a mixed technical picture.
