USD lacks the momentum to regain the 103.50 zone
EURUSD
The US dollar is little changed on Monday after last week’s gains. In anticipation of this week’s central bank meetings, including the Fed, the greenback holds fairly steady, deciding on the further direction after above the 103.00 handle. The overall sentiment surrounding the US currency stays cautiously bullish, with prices lacking the momentum to regain the 103.50 zone. After a brief rally towards the mentioned barrier, the buck preserves gains, albeit refraining from another bull run at this stage. In recent trading, the dollar was changing hands around 103.40, down 0.02% on the day. A daily close above 103.50 would bring some more short-term bullishness back into the game. Meanwhile, EURUSD is holding just below the 1.0900 figure after rallying to nearly two-month highs in the 1.0980 area earlier in March. 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 Monday, the euro has settled around 1.0896, adding 0.09% on the day. On the weekly charts, the technical picture looks constructive while above 1.0850.
GBPUSD
The pound looks steady on Monday after the recent slide as the bullish pressure has eased after peaking at late-July highs around the 1.2900 figure earlier in the month. 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. However, GBPUSD has retreated after the rally, trading under the selling pressure these days. In recent trading, the pair encountered resistance in the 1.2745 zone, clinging to the upper end of the trading range. In a wider picture, the cable stays bullish while above the 1.2700 figure. The daily RSI is now directionless in neutral territory, suggesting potential buyers could stay out of the game in the immediate term. In recent trading, GBPUSD was changing hands around 1.2744, up 0.03% on the day. On the flip side, the immediate significant support is now represented by the 1.2725 zone, followed by 1.2700.
USDJPY
After a bullish week, USDJPY stays upbeat on Monday as the dollar managed to attract some demand after a solid sell-off. Earlier in the day, the pair briefly jumped to fresh local highs around 149.33 before retreating partially. Earlier in March, the pair dipped to the 146.50 zone before attracting some demand. Since then, the bullish bias persists. In recent trading, the pair has settled marginally above 149.00, deciding on further direction. On the upside, the dollar is now facing the 149.35 immediate barrier. The pair was last seen changing hands around 149.09, up 0.06% on the day. Now, the greenback needs to hold above the 149.00 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 148.30 area to extend losses to the 147.00 support zone.
XAUUSD
Gold prices saw a solid retreat last week after a spectacular winning streak that pushed the prices to fresh all-time highs above $2,200 earlier in the month. Earlier on Monday, the bullion slipped towards the $2,150 zone that has been capping losses so far. Despite the recent profit-taking, the yellow metal keeps clinging to the upper end of the extended trading range. However, the downside potential persists at this stage, as investors may continue to take profit after the spike. On Monday, the XAUUSD pair is changing hands around $2,156 at the time of writing, shedding 0.25% on the day. On the weekly timeframes, the technical picture stays relatively positive, with wider picture remaining upbeat after reaching fresh all-time highs. On the upside, the immediate significant target is now represented by the $2,185 zone. Downside risks are limited while above the $2,100 region.