The USD index is back around the upper end of a familiar trading range, struggling to challenge the 104.00 figure
EURUSD
The US dollar keeps advancing north on Thursday after another bullish session, holding in positive territory for the fifth week in a row. In recent trading, the greenback extended gains to the 103.80 resistance area that has been capping gains since last week. As such, the USD index is back around the upper end of a familiar trading range, struggling to challenge the 104.00 figure that represents the nearest significant barrier at this stage, while the immediate support arrives at 103.50. Meanwhile, EURUSD plunged to mid-December lows around 1.0780 after failed attempts to hold above the 200-DMA during the previous session. The shared currency is now holding slightly above the 100-DMA, a break below which would add to bearishness surrounding the euro. As such, the 1.0800 mark now represents the nearest upside target. In early European trading, the euro has settled around 1.0786, shedding 0.28% on the day. On the flip side, the nearest support now arrives in the 1.0766 zone, where the mentioned 100-DMA lies.
GBPUSD
The pound stays pressured since Tuesday, suffering fresh losses after a failure to overcome the 20-DMA. The pair slipped to the 1.2640 zone that capped losses earlier in the week. As the dollar keeps advancing across the board, the pair stays below 1.2700, with upside momentum looking limited at this stage. In early European trading on Thursday, the cable looks downbeat, holding slightly above the mentioned weekly lows. In a wider picture, the cable looks neutral now after a slide to local lows around the 1.2500 figure in December. The daily RSI is now bearish in neutral territory, suggesting sellers could stay in the game in the immediate term. In recent trading, GBPUSD was changing hands around 1.2648, down 0.28% on the day. On the flip side, the immediate significant support is now represented by the 1.2630 zone. On the upside, a decisive ascent above 1.2700 would pave the way to a local bounce.
USDJPY
After modest recovery attempts late last week, USDJPY came under some pressure and has been trending mostly lower these days even as the dollar holds steady across the board. Earlier in the week, the pair failed to hold above the 100-DMA, thus attracting more intense selling pressure. In recent trading, the pair has settled around the 20-DMA, a decisive break below which would add to bearishness surrounding the pair in the near term. After facing the 148.33 barrier at the start of the week, the USDJPY has been losing the upside momentum, suggesting additional losses could be in the cards in the near term. The dollar was last seen changing hands around 146.81, down 0.05% on the day. Now, the greenback needs to decisively break the 147.00 region in order to stage a local bounce and refrain from deeper losses. The daily RSI turned even more bearish, suggesting the pair could refrain from another bullish attempt in the immediate term.
XAUUSD
Gold prices keep advancing above the 20-DMA as the precious metal managed to shrug off the recent pressure, with downside potential looking limited at this stage. After last week’s dip, the pair keeps advancing gradually, with the immediate outlook improving after a bounce above the mentioned SMA that was capping the upside potential earlier. Following peaking around $2,056 during the previous session, the bullion has settled marginally below the $2,040 region during the European deals on Thursday, trading unchanged on the day. As such, the technical picture has improved further, with downside risks abating while above $2,030. Should gold stay below the $2,040 immediate resistance in the near term, however, the $2,020 mark may be threatened. On the weekly timeframes, the technical picture turned more positive, with wider picture staying upbeat as well after reaching fresh all-time highs in December. On the upside, the immediate significant target is now represented by the $2,050 zone. On the flip side, the nearest support lies around $2,030, followed by the $2,026 mark, where the 20- and 55-DMAs arrive, respectively.
