The USD index struggles to attract mode decisive demand, oscillating just below the 105.00 psychological figure
EURUSD
The US dollar finished higher on Wednesday after a brief dip towards mid-May lows around 104.30 earlier in the week as traders opted to buy on a dip. On Thursday, the greenback struggles to retain bullish bias, still lacking the upside momentum to settle above the 105.00 level that capped gains last week as well. As such, the USD index struggles to attract mode decisive demand, oscillating just below the psychological figure in anticipation of fresh drivers. The technical outlook has improved over the last couple of days, however. In recent trading, the dollar was changing hands around 104.95, shedding 0.14% on the day. Meanwhile, EURUSD failed to make a sustained bounce as dollar demand reemerged. The pair trades around the 1.0800 zone, deciding on further direction. In European trading on Thursday, the single currency has settled around 1.0815, adding 0.15% on the day. On the weekly charts, the broader technical picture remains relatively upbeat despite the recent slide.
GBPUSD
The pound rallied to two-month highs earlier in the week before paring gains. GBPUSD shrugged off the recent pressure to see fresh highs around 1.2800. However, the pair failed to preserve gains and has retreated since then. The cable has settled slightly above the 1.2700 level even as buyers look indecisive after the recent slide. As such, the pair stayed 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 1.2715, up 0.06% on the day. On the flip side, the immediate significant support is now represented by the 1.2700 region, followed by the 1.2680 zone.
USDJPY
USDJPY came under pressure on Thursday, still staying elevated after recovery from local lows seen around 153.60 earlier in the month. After a dip, the pair jumped back above the 157.00 figure, staying resilient these days. The latest ascent was capped by the 157.80 zone that represents the immediate significant upside target for the time being. The pair was last seen changing hands around 156.91, down 0.44% on the day. Now, the greenback needs to settle back above the 157.00 region in order to stay afloat and make fresh bullish attempts, with multi-year highs around 160.00 in focus. The daily RSI turned bearish, suggesting the pair could refrain from sustained bullish attempts in the near term. Should the pressure intensify, the dollar may derail the 156.55 intermediate support, but it looks like the pair will resume the ascent after some hesitation.
XAUUSD
Gold prices turned back bullish in recent trading after yesterday’s slide that was capped by the $2,335 zone. The bullion shrugged off the pressure and retargeted the $2,400 region that represents the intermediate barrier on the way to all-time highs seen around $2,455 earlier in the month. Since then, the XAUUSD pair has bounced partially, with prices hesitating to extend the ascent so far. The downside potential looks limited at this stage, however. In recent deals, the XAUUSD pair was changing hands around $2,358, down 0.23% on the day. On the weekly timeframes, the technical picture has improved 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 another retreat.
