EURUSD came under some pressure after the recent rally to local highs
EURUSD
The US dollar finished lower overnight as buyers stayed on the sidelines in a muted start to the week. The USD extended its bounce from local lows just above 105.00 to settle slightly above the psychological support. On Tuesday, the greenback turned positive, regaining the upside bias in early European deals after finding a local support around 105.20 earlier in the day. In recent trading, the dollar was changing hands around 105.32, adding 0.10% on the day. A daily close above this region would add to short-term bullishness surrounding the buck. Meanwhile, EURUSD came under some pressure on Tuesday after the recent rally to local highs. The pair briefly dipped to the 1.0775 zone amid some revival of demand surrounding the dollar. In European trading on Tuesday, the single currency has settled around 1.0785, shedding 0.02% on the day. On the weekly charts, the technical picture looks relatively upbeat. Now, the pair needs to hold above the 1.0760 zone in order to stay afloat.
GBPUSD
The pound turned bearish on Tuesday after a brief rally witnessed at the start of the week. The pair extended its ascent to the 1.2570 figure before reversing gains. Following the rally, the pair has retreated to turn unchanged on the weekly timeframes. GBPUSD slipped due to a stronger dollar and some deterioration in risk sentiment across the financial markets. In recent trading, GBPUSD has settled in negative territory, struggling to attract demand. In a wider picture, the technical outlook has deteriorated somehow after the pair settled below the 1.2550 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 1.2529, down 0.23% on the day. On the flip side, the immediate significant support is now represented by the 1.2510 region, followed by the 1.2500 mark.
USDJPY
The Japanese yen remains under pressure, with USDJPY adding to gains for the eighth session in a row. In late-April, the pair rallied above the 160.00 figure for the first time in 34 years before erasing all its gains. However, after a brief slide below 152.00, the greenback bounced to regain the 156.00 mark. As such, the pair preserves the upside bias on Tuesday. Earlier in the session, the greenback derived support from the 156.20 area to turn positive on the day. On the upside, the dollar is now facing the 156.60 key immediate barrier. The pair was last seen changing hands around 156.44, up 0.15% on the day. Now, the greenback needs to hold above the 156.00 region in order to retain bullishness. The daily RSI stays bullish, suggesting the pair could refrain from a local sell-off in the near term. Should the pressure reemerge, the dollar may derail the mentioned support area, but it looks like the path of least resistance remains to the upside so far at this stage.
XAUUSD
Gold prices failed to extend the ascent at the start of the week to suffer solid losses on Monday. However, the bullion shrugged off the pressure on Tuesday a local rally was capped by the $2,370 region at the start of the week. The XAUUSD pair looks slightly bullish in early European trading on Tuesday, but prices are hesitating to extend the ascent in the near term as the bullion is holding around the $2,350 zone so far. As such, the downside potential persists but looks limited at this stage. In recent deals, the XAUUSD pair was changing hands around $2,353, up 0.46% on the day. On the weekly timeframes, the technical picture has deteriorated somewhat, with wider picture remaining upbeat after reaching fresh all-time highs last month. On the upside, the immediate significant target is now represented by the $2,360 zone, followed by $2,370. Downside risks look limited while above the $2,320 region. Should dollar demand intensify in the near term, the bullion may get back below the $2,350 zone to erase recent gains.
