A decisive break above the 107.00 zone would open the way towards nearly one-year highs seen around 107.35 earlier this month
The US dollar keeps climbing north on Thursday, extending the recent ascent from local lows seen around 105.35. After the initial dip, the USD index climbed back above the 106.00 figure that has turned back into support. Today, the DXY is trading around 106.75, retaining positive bias for the third session in a row as buying interest has reemerged amid another rally in US Treasury yields. So, the buck is now slightly below cyclical tops and could retest the 107.00 figure if the buying pressure intensifies in the near term. A wider technical picture stays positive as well. Should the DXY see a more intense bullish momentum, a decisive break above the 107.00 zone would open the way towards nearly one-year highs seen around 107.35 earlier this month. Meanwhile, EURUSD came under renewed selling pressure this week after a short-lived rally towards one-month highs seen just below the 1.0700 figure. As such, the pair is back below the 1.0600 figure that represents the immediate significant upside target. The pair is changing hands around 1.0550 as of writing, down 0.11% on the day after a brief climb to 1.0570 zone earlier in the day.
The pound came under renewed selling pressure and has been losing ground for the third session in a row on Thursday. Earlier today, the pair found support around 1.2070 before bouncing marginally. In early European deals, the cable has settled in negative territory, staying below the descending 20-DMA. Earlier in the week, GBPUSD briefly approached the 1.2300 region but failed to preserve the momentum. As such, the cable is on the defensive now after recent volatility spikes, struggling to regain the upside bias as dollar demand persists. During the European deals, the pair looks downbeat, struggling to attract 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 1.2084, down 0.19% on the day. On the flip side, the immediate significant support is now represented by the 1.2070 zone. On the upside, a decisive recovery above 1.2100 would pave the way to a more sustained bounce.
The USDJPY pair keeps climbing steadily these days, oscillating above the ascending 20-DMA. The dollar holds in positive territory during the European trading hours on Thursday, trading marginally below fresh October 2022 highs seen around 150.77 earlier in the day. The pair has settled above the 150.00 figure, staying elevated despite overbought conditions. As the pair still stays above the ascending 20-DMA, downside risks remain limited in the near term. The dollar was last seen changing hands around 150.39, adding 0.13% on the day. Now, the greenback needs to confirm a break above the 150.00 mark in order to extend the ascent. The daily RSI points north in neutral territory, suggesting the dollar could see some fresh positive momentum in the immediate term before steadying or retreating amid a potential profit-taking. On the hourly timeframes, the technical picture looks mixed, with prices holding above the key SMAs while the RSI is exiting overbought territory.
The price of gold bounced aggressively at the end of last week to register mid-May highs just below the $2,000 psychological level. Earlier in the month, the metal briefly dipped to fresh March lows around $1,810 before bouncing strongly. Now, the technical picture has improved as the bullion is holding well above the key SMAs. After another mentioned spike, the XAUUSD climbed to the $1,993 zone, preserving gains during the European hours. Should gold stay above the $1,980 zone in the near term, the $2,000 high will come back into the market focus. If the pressure reemerges any time soon, the bullion could get back below the mentioned support. Gold was last seen changing hands around $1,991, up 0.43% on the day. On the weekly timeframes, the bullion looks upbeat as the metal bounced strongly from the key SMAs. On the upside, the immediate target is now represented by the $2,000 region. On the four-hour charts, the XAUUSD pair is now well above the 20-SMA while the RSI shows a modest bearish bias, suggesting the pair could struggle to extend the rally in the immediate term.