A daily close above 103.00 would bring some short-term bullishness back into the game
EURUSD
The US dollar looks steady on Monday, struggling for direction after last week’s solid losses. Ahead of the weekend, the greenback briefly dipped to mid-January lows around 102.35 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 stays downbeat after mixed employment data. In recent trading, the buck was changing hands around 102.70, down 0.01% on the day. The mentioned low now represents the immediate support while a daily close above 103.00 would bring some short-term bullishness back into the game. Meanwhile, EURUSD is holding around the 1.0950 figure after rallying to nearly two-month highs in the 1.0980 area last week. A decisive break above the 1.0950 hurdle on a daily closing basis would add to the bullish impetus in the near term. In early European trading on Monday, the euro has settled around 1.0943, adding just 0.05% on the day. On the weekly charts, the technical picture looks constructive while above 1.0850.
GBPUSD
The pound stays afloat at the start of the week, albeit the bullish pressure has eased after peaking at late-July highs around the 1.2900 figure last week. In early March, the pair bounced from local lows around the 1.2600 figure that capped the bearish momentum and triggered a strong recovery. In the process, the pair exceeded several solid barriers as dollar demand has waned. After the rally, GBPUSD has retreated marginally, trading under some selling pressure today. Earlier in the day, the pair encountered resistance in the 1.2860 zone before retreating partially. In a wider picture, the cable stays bullish while above the 1.2700 figure. The daily RSI is now slightly bearish in neutral territory, suggesting potential sellers could stay in the game in the immediate term. In recent trading, GBPUSD was changing hands around 1.2844, down 0.09% on the day. On the flip side, the immediate significant support is now represented by the 1.2800 zone, followed by 1.2670. Should dollar demand reemerge any time soon, the pair may retest the 1.2770 figure.
USDJPY
After a bearish week, USDJPY stays downbeat on Monday, struggling to attract demand despite low levels. Following five bearish sessions in a row, the pair tries to resists the selling pressure at the start of the week. Earlier in the day, the pair dipped to the 146.55 after falling to early-February lows in the 146.48 on Friday. In recent trading, the pair has settled around the flat-line, deciding on further direction. On the upside, the dollar is now facing the 147.00 immediate barrier. The dollar was last seen changing hands around 146.84, up 0.01% on the day. Now, the greenback needs to settle above the 147.10 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 147.30 next support zone.
XAUUSD
Gold prices have steadied after a spectacular winning streak that pushed the prices to fresh all-time highs above $2,200 last week. Earlier today, the bullion advanced towards the $2,195 before retreating back to the flat line. 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 $2,185 at the time of writing, adding 0.03% 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 $2,200 zone. Downside risks are limited while above the $2,100 region.