The USD index came across local resistance around 103.80 and has been struggling for direction since then
EURUSD
The US dollar came under some pressure on Monday after finishing the fourth positive week in a row. The greenback turned slightly defensive, with Treasury yields consolidating in a tight range to start the week. Last week, the USD index came across local resistance around 103.80 and has been struggling for direction since then. The 103.00 figure represents the immediate significant support for the time being. In a wider picture, the DXY remains relatively upbeat as Fed rate cut odds continue to decline. Even as the buck retreated from local peaks, EURUSD keeps oscillating around the directionless 200-DMA that has been in the market focus since mid-January. Earlier, the pair failed to overcome the ascending 55-DMA and slipped back below the 1.0900 figure. The euro has settled around 1.0840 on Monday, down 0.1% on the day. On the upside, the nearest resistance now arrives in the 1.0850 zone, followed by the 1.0900 region.
GBPUSD
The pound regained positive bias on Monday after finding support around 1.2675 ahead of the weekend. As the dollar attracted some selling pressure, the pair has bounced, with downside momentum looking limited at this stage. The cable thus recovered after the recent retreat to settle back above the 20-DMA, today at 1.2703. In early European trading on Monday, the cable looks upbeat, holding slightly above the 1.2700 figure. In a wider picture, the cable stays bullish now after last month’s slide to local lows around the 1.2500 figure. The daily RSI is upbeat in neutral territory, suggesting buyers could stay in the game in the immediate term. In recent trading, GBPUSD was changing hands around 1.2711, up 0.07% on the day. On the flip side, the immediate significant support is now represented by the 1.2700 zone. On the upside, a decisive ascent above 1.2720 would pave the way to a more sustained ascent.
USDJPY
After modest recovery attempts late last week, USDJPY came under some pressure on Monday as the dollar retreats slightly across the board. Earlier in the day, the pair failed to regain the 148.30 zone, struggling to bounce as trading activity keeps abating in anticipation of Fed meeting. As such, the dollar briefly derailed the mentioned region before turning negative on the day. In recent trading, the pair was still holding above the 100-DMA that remains in the market focus. After facing the 148.70 barrier last week, the USDJPY pair stays in the upper end of the extended trading range despite some retreat, suggesting additional gains could be in the cards after a pause. The dollar was last seen changing hands around 147.80, down 0.24% on the day. Now, the greenback needs to decisively break the 148.00 region in order to stage another local rally. The daily RSI turned slightly bearish, suggesting the pair could refrain from another bullish attempt in the immediate term.
XAUUSD
Gold prices are back around the 20-DMA at the start of the week to shrug off the recent pressure, with downside potential looking limited at this stage. After last week’s dip, the pair keeps flirting with the 20-DMA that has been capping the upside potential these days. Following peaking just below $2,034 earlier in the day, the bullion has settled just around the mentioned SMA during the European deals on Monday, adding 0.71% on the day. As such, the technical picture has improved somehow, with downside risks abating while above $2,030. Should gold stay below the $2,038 immediate resistance in the near term, the $2,020 mark may be threatened. On the weekly timeframes, the technical picture stays relatively downbeat, while a wider picture remains positive after reaching fresh all-time highs last month. On the upside, the immediate significant target is now represented by the $2,040 zone. On the flip side, the nearest support lies around $2,010, followed by the $2,000 mark.
