The dollar managed to attract some renewed buying interest, but the overall sentiment surrounding the US currency stays downbeat
EURUSD
The US dollar looks steady on Wednesday, struggling for direction after two days of modest gains. Ahead of the weekend, the greenback briefly dipped to mid-January lows around 102.35 before bouncing. The USD index managed to attract some renewed buying interest at low levels, but the overall sentiment surrounding the US currency stays downbeat. After a brief rally towards the 103.20 zone on Tuesday, the buck failed to hold above 103.00. In recent trading, the dollar was changing hands around 102.95, down 0.01% on the day. A daily close above 103.00 would bring some short-term bullishness back into the game. Meanwhile, EURUSD is holding below 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 Wednesday, the euro has settled around 1.0930, adding just 0.05% on the day. On the weekly charts, the technical picture looks constructive while above 1.0850.
GBPUSD
The pound looks steady on Wednesday after a two-day slide as 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 partially, trading under the selling pressure these days. Earlier in the day, the pair encountered resistance in the 1.2800 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 1.2794, up 0.02% on the day. On the flip side, the immediate significant support is now represented by the 1.2845 zone, followed by 1.2800.
USDJPY
After a bearish week, USDJPY turned more upbeat these days as the dollar managed to attract some demand after a solid sell-off. During the previous session, the pair briefly rallied above 148.00 before retreating partially. Earlier today, the pair dipped to the 147.25. In recent trading, the pair has settled above 147.50, deciding on further direction. On the upside, the dollar is now facing the 148.00 immediate barrier. The dollar was last seen changing hands around 147.75, up 0.04% on the day. Now, the greenback needs to settle above the 147.80 region in order to further shrug off the recent weakness and refrain from another local correction. The daily RSI is now upbeat, suggesting the pair could refrain from a fresh bearish attempt in the near term. Should the pressure reemerge, the pair may derail the 147.25 area to extend losses to the 147.00 next support zone.
XAUUSD
Gold prices saw a solid retreat during the previous session after a spectacular winning streak that pushed the prices to fresh all-time highs above $2,200 last week. In the process, the bullion slipped towards the $2,155 zone before bouncing slightly. Despite the recent profit-taking, the yellow metal keeps clinging to the upper end of the extended trading range. However, the downside potential is rising at this stage, as investors may continue to take profit after the spike. On Wednesday, the XAUUSD pair is changing hands around $2,163 at the time of writing, shedding 0.1% 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. Downside risks are limited while above the $2,100 region.
