After finding support around 102.15, the dollar looks neutral-to-bearish at this stage
EURUSD
After yesterday’s brief recovery, the US dollar came under renewed selling pressure on Thursday. The latest recovery attempt was capped by the 102.55 zone that triggered a local retreat. However, the downside momentum looks limited so far, with prices holding above the 102.00 area in early European trading. As such, the greenback managed to hold above the psychological level, struggling for direction at this stage. After finding support around 102.15, the dollar looks neutral-to-bearish now, still struggling to attract a decisive buying interest as traders remain cautious. In a wider picture, the DXY remains downbeat, pressured by a dovish hint from the Fed. As such, EURUSD shrugged off yesterday’s pressure today, holding above the key SMAs after finding support in the 1.0890 area at the start of the week. The pair is changing hands around 1.0953 as of writing, up 0.13% on the day. The immediate resistance now arrives in the 1.0980-1.0990 zone that has been capping bullish momentum this week.
GBPUSD
The pound finished lower on Wednesday as dollar climbed across the board. However, the pair managed to regain bullish bias today, with downside momentum looking limited at this stage. The cable thus refrained from a deeper downside correction despite dollar recovery, resuming the ascent instead. Also on the positive side, the pair stays above the key SMAs. In early European deals on Thursday, the cable looks slightly bullish, but holding below the 1.2650 figure. In a wider picture, the cable stays upbeat now after the recent slide to local lows around the 1.2500 figure. The daily RSI looks directionless in neutral territory, suggesting buyers could stay on the sidelines in the immediate term. In recent trading, GBPUSD was changing hands around 1.2637, up less than 0.1% on the day. On the flip side, the immediate significant support is now represented by the 1.2620 zone, followed by the 1.2600 figure. On the upside, a decisive ascent above 1.2650 would pave the way to a more sustained bounce.
USDJPY
After last week’s slide, the USDJPY pair reversed north and was on the offensive at the start of the week. After finding resistance represented by the 145.00 figure that capped the ascent, the dollar turned negative, sliding for the second session in a row on Thursday. Since then, the greenback has slipped below the 143.50 zone, albeit the downside pressure looks limited so far. After finding support just below 141.00 last week, the dollar still tries to attract demand, but the lack of momentum suggests the selling pressure could intensify in the near term. Also, the pair stays well below the 20-DMA, which implies that downside risks still persist for the time being. The dollar was last seen changing hands around 143.20, down 0.24% on the day. Now, the greenback needs to decisively regain the 143.50 region in order to trim losses. The daily RSI remains in neutral territory, pointing slightly lower. On the hourly timeframes, the technical picture turned downbeat, with the RSI pointing south while prices remain stuck between the key SMAs.
XAUUSD
The price of gold holds mostly in positive territory this week, albeit the momentum looks flat. After finding support in the form of the ascending 20-DMA, the XAUUSD pair bounced marginally and has been consolidating with bullish bias since then. The metal looks slightly upbeat during the early European deals on Thursday, still trading well above the $2,000 psychological level that turned back into support. As such, the technical picture has improved marginally, but the bullion still holds below the $2,050 zone. Should gold regain this immediate significant barrier in the near term, a stronger ascent could be expected. If the pressure reemerges any time soon, the bullion could see another retreat in the days to come. Gold was last seen changing hands around $2,035, up less than 0.1% on the day. On the weekly timeframes, the bullion looks mixed, while a wider picture remains relatively upbeat. On the upside, the immediate significant target is now represented by the $2,048 region, followed by the $2,075 zone.