The yellow metal has steadied after a six-day rally that took the prices to fresh all-time highs in the $2,150 area
EURUSD
Еhe US dollar keeps trending lower this week, staying under modest bearish pressure for the fourth consecutive session. Last week, the greenback briefly peaked around 104.30 before attracting selling interest to settle below 104.00. On Wednesday, the USD index remains below this figure, struggling to attract demand in early European deals. The greenback looks bearish today, with the 103.90 immediate resistance staying in the market focus at this stage. In recent trading, the buck was changing hands around 103.65, down 0.14% on the day. The 103.60 zone now represents the immediate support while a daily close above 103.90 would bring some short-term bullishness back into the game. Meanwhile, EURUSD is holding mostly above 1.0850 today after a brief jump to the 1.0877 zone during the previous session. A decisive break above this hurdle would add to bullish impetus. In early European trading, the euro has settled around 1.0870, adding 0.15% on the day. On the weekly charts, the technical picture looks constructive while above 1.0800.
GBPUSD
The pound keeps trending north after Friday’s bounce from more than one-week lows registered around the 1.2600 figure that capped the bearish momentum and triggered a strong recovery that has been persisting for the fourth day in a row. In the process, the pair exceeded the 1.2700 intermediate barrier as dollar demand has waned somehow. As such, GBPUSD climbed to the 1.2735 zone, a decisive break above which would pave the way towards fresh February highs in the 1.2775 region. Earlier in the day, the pair encountered resistance in the 1.2730 zone before retreating marginally. In a wider picture, the cable stays bullish while above the 1.2600 figure. The daily RSI is now upbeat in neutral territory, suggesting potential buyers could stay in the game in the immediate term. In recent trading, GBPUSD was changing hands around 1.2723, up 0.16% on the day. On the flip side, the immediate significant support is now represented by the 1.2700 zone, followed by 1.2670. Should dollar demand reemerge any time soon, the pair may retest the 1.2700 figure.
USDJPY
After a modest bounce at the start of the week, USDJPY turned bearish, struggling to attract demand since Tuesday. Still, the pair still holds within a relatively tight trading range after the recent surge to fresh multi-month highs around 150.90 in February for the first time since November before retreating partially amid some profit-taking. Earlier in the day, the pair extended losses to the 149.30 region that remains in the market focus. On the positive side, the prices stay well above both the 100- and 20-DMAs that converged last month. In recent trading, the pair has settled slightly below the 150.00 figure to trim intraday losses. On the upside, the dollar is now facing the mentioned immediate barrier. The dollar was last seen changing hands around 149.83, down 0.13% on the day. Now, the greenback needs to settle above the 150.00 region on a daily closing basis in order to shrug off some of the recent weakness and refrain from another local correction. The daily RSI is now downbeat, suggesting the pair could refrain from another bullish attempt in the near term.
XAUUSD
Gold prices have steadied on Wednesday after a six-day rally that took the prices to fresh all-time highs in the $2,150 area. The bullion attracted strong demand amid dollar’s retreat. The yellow metal saw a strong spike towards historical highs before retreating marginally. After the latest rally, gold prices stay upbeat. However, the downside potential is rising at this stage, as investors may proceed to profit-taking after the spike. Following peaking, the bullion has settled slightly below the upper end of the extended trading range. The XAUUSD pair was changing hands around $2,134 at the time of writing, trading unchanged for the day. On the weekly timeframes, the technical picture turned positive, with wider picture staying upbeat after reaching fresh all-time highs. On the upside, the immediate significant target is now represented by the $2,150 zone. Downside risks are limited while above the $2,100 zone.
