The precious metal extended losses to the $1,915 area for the first time in more than a week
EURUSD
The US dollar continues its ascent on Thursday, refreshing multi-month highs around the 105.00 figure as risk-off sentiment dominates global financial markets these days. During the previous session, the greenback briefly jumped to fresh March highs just above 105.00 before retreating marginally. Today, the buck stays slightly positive, holding in green territory for an eighth week in a row. The dollar now holds marginally below 105.00, looking ready to extend its ascent in the near term. On the downside, the immediate support now arrives around 104.60, followed by the 103.30 zone. A wider technical picture stays positive as well. Should the DXY see a more intense bullish pressure, a decisive break above the 105.00 zone would open the way towards fresh March highs. Meanwhile, EURUSD turned slightly negative on Thursday, holding below the key SMAs that turned back into resistance levels after last week’s sell-off. The pair is changing hands around 1.0714 as of writing, down 0.11%.
GBPUSD
The cable has been sliding for the third session in a row on Thursday. During the previous session, the pair derailed the 1.2500 level for the first time since June. Today, the pound extended losses to the 1.2460 region, trading at fresh June lows as dollar strength persists across the board. In early European deals, the pair has settled around the lower end of the extended trading range, looking vulnerable as the cable is distancing itself from the 20-DMA, today at 1.2655 where the 100-DMA arrives as well. The daily RSI looks downbeat in neutral territory, suggesting the pair could see more losses in the near term. In recent trading, GBPUSD was changing hands around 1.2472, down 0.26% on the day. On the downside, the immediate significant support is now represented by the 1.2430 zone. On the upside, a decisive recovery above 1.2500 would pave the way to a more sustained bounce.
USDJPY
The USDJPY stays strong these days, trading in negative territory on Thursday after peaking at fresh November highs around 147.87 earlier in the day. The pair has retreated from the peaks while staying elevated in recent trading. In European deals on Thursday, USDJPY holds just below the 147.50 zone that now represents the immediate bullish target. As the pair still stays above the 20-DMA, downside risks remain limited in the near term. The dollar was last seen changing hands around 147.43, down 0.14% on the day. Now, the greenback needs to retest the 147.90 region in order to retarget fresh multi-month highs. The daily RSI turned slightly lower in neutral territory, suggesting the dollar could take a pause in the immediate term before rallying to fresh tops. On the hourly timeframes, the technical picture has deteriorated somewhat, with downside risks persisting as prices are now holding below the key SMAs while the RSI is pointing lower in neutral territory.
XAUUSD
The price of gold looks relatively steady on Thursday after a three-day sell-off triggered by a stronger US dollar. During the previous session, the precious metal extended losses to the $1,915 area for the first time in more than a week. Earlier today, XAUUSD briefly fell to $1,916 before bouncing slightly into positive territory. Still, the bullion lacks the momentum to regain the directionless 55-DMA that deterred bulls earlier. Should the pressure reemerge any time soon, the bullion could threaten the 20- and 200-DMAs that converge around $1,915. Gold was last seen changing hands around $1,917, up less than 0.1% on the day. On the weekly timeframes, the technical picture has deteriorated somehow as the metal is back distancing itself from the 20-SMA that capped gains last week. On the upside, the immediate target is now represented by the $1,930 region, followed by the $1,952 level where the 100-day SMA arrives. On the four-hour charts, the XAUUSD pair has settled below the key SMAs while the RSI has turned slightly lower, painting a bearish technical picture.