EURUSD bounced marginally, still lacking momentum to regain the 1.0600 figure
The US dollar has settled in positive territory on Thursday, extending its recovery from local lows seen around 105.55 last week. After the initial dip, the USD index climbed back above the 106.00 figure that turned into support. Today, the DXY is treading water around 106.50, staying positive for the second session in a row as buying interest has reemerged after a fresh spike in Treasury yields. Still, the buck stays away from cyclical tops and could retest the 106.00 figure if the pressure reemerges in the near term. A wider technical picture stays positive. Should the DXY see a more intense bullish pressure, a decisive break below the 106.50 zone would open the way towards the 107.00 handle. Meanwhile, EURUSD bounced marginally on Thursday, still lacking the momentum to regain the 1.0600 figure that represents the immediate significant upside target. The pair is changing hands around 1.0543 as of writing, up 0.09% on the day after a brief climb to 1.0550 zone where the descending 20-DMA arrives.
The pound came under renewed selling pressure earlier in the week and has been struggling for the third session in a row. Earlier today, the pair found support around 1.2110 before bouncing marginally. In early European deals, the cable has settled in positive territory, continuing to distance itself from the descending 20-DMA. GBPUSD has settled above 1.2100 on Thursday after another failed attempt to retarget the mentioned SMA. As such, the cable hesitates now after recent volatility spikes, seeing fresh pressure due to a stronger dollar. During the European deals, the pair looks slightly downbeat, trying to attract some demand at this stage. The daily RSI points slightly lower in neutral territory, suggesting the pair could see more bearish attempts in the immediate term. In recent trading, GBPUSD was changing hands around 1.2133, up 0.02% on the day. On the downside, the immediate significant support is now represented by the 1.2100 zone. On the upside, a decisive recovery above 1.2200 would pave the way to a more sustained bounce.
The USDJPY pair remains relatively steady these days, oscillating above the ascending 20-DMA. The dollar holds slightly negative during the European trading hours on Thursday, trading marginally below fresh October 2022 highs seen around 150.15 earlier in the month. The pair has settled above the 149.50 figure, staying elevated despite overbought conditions. As the pair still stays mostly above the ascending 20-DMA, downside risks remain limited in the near term. The dollar was last seen changing hands around 149.76, down 0.1% on the day. Now, the greenback needs to confirm a break above the 149.80 region in order to extend the ascent. The daily RSI stays directionless in neutral territory, suggesting the dollar could see some consolidation in the immediate term before deciding on further direction. On the hourly timeframes, the technical picture looks mixed, with prices stuck between the key SMAs while the RSI is directionless in neutral territory.
The price of gold bounced aggressively at the end of last week to overcome the key daily SMAs and has been rallying since then. Earlier in the month, the metal briefly dipped to fresh March lows around $1,810 before finishing in positive territory due to a decline in the US dollar. Now, the technical picture keeps improving as the bullion is holding above the 200-DMA, today at $1,30. During the previous session, the XAUUSD pair extended gains to the $1,962 zone before retreating partially amid profit-taking. Should gold stay above the $1,950 zone, the mentioned high will come back into the market focus. If the pressure reemerges any time soon, the bullion could get back below the $1,930 psychological level. Gold was last seen changing hands around $1,950, down 0.29% on the day. On the weekly timeframes, the bullion remains vulnerable even as the metal bounced from the key SMAs. On the upside, the immediate target is now represented by the $1,970 region. On the four-hour charts, the XAUUSD pair is now above the 20- and 100-SMAs while the RSI stays in overbought territory, suggesting the pair could see a local pullback in the immediate term.