A failed bullish attempt in the 105.00 area triggered some profit-taking
EURUSD
After peaking at fresh November highs just below the 105.00 figure during the previous session, the US dollar trades little changed on Thursday, holding onto a tight intraday trading range as volatility has abated following the recent jump. A failed bullish attempt in the 105.00 area triggered some profit-taking that pushed the USD index back to the 104.60 zone which remains in the market focus. In recent trading, the greenback was trading around 104.62, down 0.1% on the day. Despite the recent retreat, the USD index remains relatively resilient, holding above the 104.00 figure that represents the nearest significant support at this stage. Meanwhile, EURUSD continues its recovery after touching the 1.0694 figure for the first time since November yesterday. As the USD retreated, the euro managed to trim recent losses, trading above the 1.0720 region on Thursday. Still, the shared currency continues to lack the momentum for targeting the 100-DMA, today at 1.0789. A decisive break above the 1.0750 region would add to recovery impetus. In early European trading, the euro has settled around 1.0731, adding just 0.06% on the day. On the flip side, the nearest support now arrives in the 1.0720 zone.
GBPUSD
The pound keeps losing ground on Thursday, retaining bearish bias for the third session in a row. The pair continues its slide from local highs seen around 1.2690 zone earlier in the week. During the sell-off, the pair derailed the 200-DMA that has turned back into resistance as a result. Earlier in the day, the pair encountered resistance around the 1.2575 zone, now holding around the lower end of the trading range. In a wider picture, the cable turned more bearish now after a slide to local lows around the 1.2500 figure in December. The daily RSI is now downbeat in neutral territory, suggesting potential sellers could stay in the game in the immediate term. In recent trading, GBPUSD was changing hands around 1.2551, down 0.1% on the day. On the flip side, the immediate significant support is now represented by the 1.2535 zone. On the upside, a decisive ascent above the 200-DMA, today at 1.2560, would pave the way to a local bounce.
USDJPY
USDJPY has been trending lower since Wednesday, coming off fresh multi-month highs. Earlier in the week, the dollar extended gains to 150.88 for the first time since November before retreating partially amid some profit-taking. In recent trading, the pair dipped to the 150.00 zone, struggling to attract renewed demand at still elevated levels. On the positive side, the prices stay well above both the 100- and 20-DMAs that converged in the 147.55 area last week. In recent trading, the pair has settled just a few pips above the 150.00 figure, a decisive break below which would add to the selling pressure. On the upside, the dollar is now facing the 150.55 immediate barrier. The dollar was last seen changing hands around 150.03, down 0.35% on the day. Now, the greenback needs to settle above the 150.00 region in order to resume the ascent and refrain from a deeper local correction. The daily RSI is now back downbeat, suggesting the pair could see another bearish attempt after some hesitation.
XAUUSD
Gold prices are trying to shrug off the pressure on Thursday the recent slide towards mid-December lows seen around $1,984 during the previous session. The precious metal stays below both the 20-and the 55-DMAs, remaining vulnerable after yesterday’s dip, with downside potential persisting at this stage. After a slide to the mentioned lows, the pair lacks the recovery momentum, with the immediate outlook looking neutral. Following peaking around $2,045 last week, the bullion has settled below the $2,000 psychological level during the European deals on Thursday, trading 0.12% higher on the day. As such, the technical picture failed to improve substantially, with downside risks persisting while below $2,000. Should gold settle below the 100-DMA, today at $1,990, in the near term, a deeper retreat could be expected. On the weekly timeframes, the technical picture turned even more negative, with wider picture staying neutral after reaching fresh all-time highs in December. On the upside, the immediate significant target is now represented by the $2,045 zone. On the flip side, the nearest support lies around $2,005, followed by the $2,020 level.