After a brief rally above 104.00, the buck has retreated partially, refraining from another bull run at this stage
EURUSD
The US dollar is little changed on Wednesday after a spike witnessed during the previous session. In anticipation of the outcome of the Fed meeting, the greenback holds fairly steady, deciding on the further direction after yesterday’s rejection from above the 104.00 handle. The overall sentiment surrounding the US currency stays cautiously bullish, with prices lacking the momentum to regain the mentioned figure. After a brief rally above 104.00, the buck has retreated partially, refraining from another bull run at this stage. In recent trading, the dollar was changing hands around 103.90, up 0.02% on the day. A daily close above this region would bring some more short-term bullishness back into the game. Meanwhile, EURUSD looks pressured the 1.0900 figure that capped gains at the start of the week. In early European trading on Wednesday, the euro has settled around 1.0860, shedding 0.05% on the day. On the weekly charts, the technical picture looks constructive while above 1.0850.
GBPUSD
The pound keeps retreating on Wednesday, extending 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 1.2730 zone, clinging to the lower end of the trading range. In a wider picture, the cable stays bullish while above the 1.2700 figure. The daily RSI is now bearish in neutral territory, suggesting potential buyers could stay out of the game in the immediate term. In recent trading, GBPUSD was changing hands around 1.2706, down 0.1% on the day. On the flip side, the immediate significant support is now represented by the 1.2700 figure, followed by yesterday’s lows around 1.2665.
USDJPY
USDJPY keeps rallying these days as the yen failed to attract demand even after the Bank of Japan’s decision to raise interest rates during the meeting this week. Earlier in the day, the pair briefly jumped to fresh four-month highs around 151.60 before retreating partially. Earlier in March, the pair dipped to the 146.50 zone before attracting strong demand that has been persisting so far. In recent trading, the pair has settled slightly below the mentioned highs, deciding on further direction. On the upside, the dollar is now facing the 151.80 immediate barrier. The pair was last seen changing hands around 151.50, up 0.43% on the day. Now, the greenback needs to hold above the 151.00 region in order to extend the ascent to fresh multi-month tops. 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 dollar may derail the 150.00 area, but it looks like the path of least resistance remains to the upside so far.
XAUUSD
Gold prices have been under measured selling pressure these days after a spectacular winning streak that pushed the prices to fresh all-time highs above $2,200 earlier in the month. Earlier on Wednesday, the bullion slipped from the $2,163 to find support around $2,157. As a result of the recent profit-taking, the yellow metal has retreated from the upper end of the extended trading range. The downside potential persists at this stage, as investors may continue to take profit after the spike. On Wednesday, the XAUUSD pair is changing hands around $2,157 at the time of writing, shedding 0.09% 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 $2,170 zone, followed by $2,185. Downside risks are limited while above the $2,100 region.