The greenback briefly dipped to early-February lows around 103.20 and has been clinging to the lower end of the extended trading range
EURUSD
The US dollar has been losing ground for the fifth consecutive session on Thursday. During the previous session, the greenback briefly dipped to early-February lows around 103.20 and has been clinging to the lower end of the extended trading range since then. The USD index struggles to attract renewed buying interest despite low levels as the sentiment surrounding the US currency has deteriorated after bleak ADP employment data. In recent trading, the buck was changing hands around 103.24, down 0.15% 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 around the 1.0900 figure after rallying to late-January highs in the 1.0916 area during the previous session. A decisive break above the 1.0900 hurdle on a daily closing basis would add to the bullish impetus in the near term. In early European trading on Thursday, the euro has settled around 1.0898, adding just 0.01% on the day. On the weekly charts, the technical picture looks constructive while above 1.0850.
GBPUSD
The pound keeps trending north, retaining bullish bias for the fifth session in a row on Thursday after Friday’s bounce from local lows around the 1.2600 figure that capped the bearish momentum and triggered a strong recovery. In the process, the pair exceeded the 1.2700 intermediate barrier as dollar demand has waned. As such, GBPUSD climbed to the 1.2763 zone for the first time in more than a month before steadying. Earlier in the day, the pair encountered resistance in the 1.2745 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 1.2734, up 0.04% 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. After trading within a relatively tight trading range, the pair witnessed a solid breakdown, suffering significant losses on Thursday. Earlier in the day, the pair dipped to the 147.80 region to notch one-month lows. In recent trading, the pair has settled around the 148.00 figure to trim intraday losses marginally. On the upside, the dollar is now facing the 148.30 immediate barrier. The dollar was last seen changing hands around 148.03, down 0.89% on the day. Now, the greenback needs to settle above the 148.70 region 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. Should the pressure persist, the pair may derail the mentioned low to extend losses to the 147.60 next support zone.
XAUUSD
Gold prices have been rallying for the eighth day in a row on Thursday, continuing to refresh all-time highs. Earlier today, the bullion advanced towards the $2,168 mark for the first time in history. The yellow metal saw a strong spike towards historical highs, clinging to the upper end of the extended trading range despite the elevated levels. 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 fresh record tops. The XAUUSD pair was changing hands around $2,162 at the time of writing, adding 0.17% on the day. On the weekly timeframes, the technical picture stays positive, with wider picture remaining upbeat after reaching fresh all-time highs. On the upside, the immediate significant target is now represented by the $2,170 zone, followed by the $2,200 barrier. Downside risks are limited while above the $2,100 zone.