The dollar is oscillating around the 104.70 figure in anticipation of fresh drivers
EURUSD
The US dollar finished lower on Friday after four bullish sessions in a row as traders opted to take profit around the 105.00 psychological figure that capped gains. Despite the sell-off ahead of the weekend, the greenback finished the week in the green. On Monday, the USD index struggles for direction, oscillating around the 104.70 figure in anticipation of fresh drivers. The technical outlook has deteriorated after a failure to break above the 105.00 figure. In recent trading, the dollar was changing hands around 104.71, shedding 0.01% on the day. A daily close below this region would add to short-term bearishness surrounding the buck. Meanwhile, EURUSD bounced slightly at the start of the week, still lacking the directional impetus at this stage. The pair trades around the 1.0850 zone, deciding on further direction. In European trading on Monday, the single currency has settled around 1.0849, adding 0.04% on the day. On the weekly charts, the technical picture remains upbeat despite the recent slide.
GBPUSD
The pound stays relatively positive on Monday. GBPUSD shrugged off the recent pressure to see fresh two-month highs around 1.2763 last week. The pair has settled above the 1.2700 level at the start of the week even as buyers look indecisive after Friday’s jump on dollar weakness. As such, the pair has settled around the upper end of the trading range, suggesting the upside bias could persist in the near term. In recent trading, GBPUSD has settled in positive territory, with downside pressure looking limited at this stage. In a wider picture, the technical outlook has improved after the latest ascent. The daily RSI is now slightly bullish in neutral territory, suggesting potential buyers could stay in the game in the immediate term. In recent trading, GBPUSD was changing hands around 1.2742, up 0.02% on the day. On the flip side, the immediate significant support is now represented by the 1.2700 region, followed by the 1.2670 zone.
USDJPY
USDJPY looks directionless in muted trading on Monday, staying elevated after recovery from local lows seen around 153.60 earlier in the month. After a dip, the pair jumped back above the 156.00 figure, staying resilient these days. The ascent is now being capped by the 157.00 mark that represents the immediate upside target for the time being. The pair was last seen changing hands around 156.96, up 0.02% on the day. Now, the greenback needs to hold above the 156.50 region in order to stay afloat and made fresh bullish attempts, with multi-year highs around 160.00 in focus. The daily RSI stays directionless, suggesting the pair could refrain from decisive moves in the near term. Should the pressure reemerge, the dollar may derail the mentioned support area, followed by the 156.25 intermediate support, but it looks like the pair will resume the ascent after some hesitation.
XAUUSD
Gold prices turned unchanged in recent trading after an early dip to the $2,335 zone after all-time highs last week. The bullion shrugged off the pressure to jump to $2,454 for the first time before reversing some of the gains. Since then, the XAUUSD pair has retreated partially as prices are hesitating to extend the ascent, with the bullion holding below the mentioned historical highs. The downside potential looks limited at this stage, however. In recent deals, the XAUUSD pair was changing hands around $2,362, nearly unchanged for the day. On the weekly timeframes, the technical picture has deteriorated somehow, with wider picture remaining upbeat after reaching fresh all-time highs. On the upside, the immediate significant target is now represented by the $2,400 zone, followed by the mentioned record tops. Downside risks look limited while above the $2,300 region. Should dollar demand reemerge in the near term, the bullion may see a deeper retreat.