During the slide, the greenback found support just above the 104.00 support zone to bounce marginally
EURUSD
The US dollar fell across the board at the start of the week amid positive risk sentiment in the financial markets. During the slide, the greenback found support just above the 104.00 support zone to bounce marginally on Tuesday. Earlier, the greenback was lifted by the recent deterioration in risk sentiment along with relatively hawkish comments from Fed. The dollar climbed to five-month tops in the 105.10 area last week before retreating across the market. In recent trading, the dollar was changing hands around 104.17, up 0.03% on the day. A daily close above the 104.20 zone would bring some more short-term bullishness back into the game. Meanwhile, EURUSD keeps trending mostly higher these days despite the rising ECB rate cut expectations. In European trading on Tuesday, the single currency has settled around 1.0855, shedding 0.03% on the day. On the weekly charts, the technical picture looks neutral. Now, the 1.0870 zone represents the immediate upside target for the shared currency. In a wider picture, EURUSD looks neutral so far this year after a bounce from the 1.0700 region in February.
GBPUSD
The pound came under some pressure on Tuesday after yesterday’s brief bounce that followed a three-day losing streak. Following a brief dip to 1.2612, the pair managed to bounce partially, now trading back above the 1.2630 that has turned into support. Should the cable manage to finish slightly above 1.2660 on a daily closing basis, the short-term outlook will improve somehow. In recent trading, GBPUSD has settled in negative territory, struggling to attract renewed demand. In a wider picture, the technical outlook looks neutral as long as the pair oscillates around the 1.2600 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 1.2652, down 0.06% on the day. On the flip side, the immediate significant support is now represented by the 1.2600 figure, followed by the 1.2570 region and the 1.2540 zone that capped losses last week.
USDJPY
USDJPY has been steady for nearly three weeks already, clinging to the upper end за еру trading range since late March when the dollar briefly registered fresh multi-year highs just a few pips below the 152.00 figure as the yen continued to lose ground. On Tuesday, the pair looks slightly positive marginally below the 152.00 figure. 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 above the flat line, still preserving most of the previous gains. On the upside, the dollar is now facing the 152.00 key barrier. The pair was last seen changing hands around 151.89, up 0.07% on the day. Now, the greenback needs to hold above the 151.50 region in order to extend the ascent to mentioned tops. The daily RSI is now marginally upbeat, suggesting the pair could refrain from a fresh bearish attempt in the near term. Should the pressure reemerge, the dollar may derail the 151.00 area, but it looks like the path of least resistance remains to the upside so far despite overbought conditions.
XAUUSD
Gold prices rallied to fresh all-time highs above $2,378 earlier on Tuesday, staying close to the upper end of the extended trading range despite overbought conditions. The XAUUSD pair stays resilient in early European trading, with prices looking ready to extend the ascent in the near term. Still, the downside potential persists at this stage, as investors may take profit more aggressively after the spike. In recent deals, the XAUUSD pair was changing hands just below the mentioned tops, up 1.08% 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 all-time highs in the $2,380 zone, followed by $2,400. Downside risks are limited while above the $2,200 region. Should dollar demand reemerge in the near term, the bullion may threaten the $2,350 immediate support zone.
