The USD index still lacks the upside momentum to retarget the 105.00 level that capped gains last week
EURUSD
The US dollar finished higher on Wednesday, extending its modest recovery. After a brief dip towards local lows around 104.00, the greenback has settled in positive territory, but the recovery impetus looks too modest so far at this stage. As such, the dollar struggles to attract more decisive demand, still lacking the upside momentum to retarget the 105.00 level that capped gains last week. The USD index stays in a cautious mode, oscillating below the psychological figure in anticipation of fresh drivers. The technical outlook has improved somehow over the last couple of days, however. In recent trading, the dollar was changing hands around 104.24, unchanged for the day. Meanwhile, EURUSD looks steady after a two-day slide. The pair holds above the 1.0800 figure, staying under pressure for a second session in a row. In European trading on Thursday, the single currency has settled around 1.0880, adding 0.11% on the day. On the weekly charts, the broader technical picture remains relatively upbeat despite the recent slide.
GBPUSD
The pound rallied to fresh more than two-month highs earlier in the week before erasing gains. GBPUSD saw fresh highs around 1.2820 to retreat eventually. However, the pair refrained from deeper losses. The cable has settled slightly below the 1.2800 level on Thursday, with buyers cautious after the recent slide. As such, the pair stayed around the upper end of the trading range, suggesting the upside bias could reemerge in the near term. In recent trading, GBPUSD has settled in positive territory, with downside pressure abating at this stage. In a wider picture, the technical outlook looks neutral after the recent bounce. 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 1.2789, up 0.02% on the day. On the flip side, the immediate significant support is now represented by the 1.2755 region that capped the decline during the previous session.
USDJPY
USDJPY bounced during the previous session after a two-day decline that was capped by the 154.55 region earlier in the week, with bullish bias persisting today. As the upside momentum reemerged, the pair stays elevated after recovery from the mentioned local lows. After a dip, the pair jumped back above the 156.00 figure, looking relatively resilient. The latest ascent was capped by the 156.50 zone, while the greenback now needs to regain the 157.00 figure that represents the immediate significant upside target for the time being. The pair was last seen changing hands around 156.11, up 0.03% on the day. Now, the greenback needs to hold above the 156.00 region in order to stay afloat and make fresh bullish attempts, with multi-year highs around 160.00 in focus. The daily RSI stays bullish, suggesting the pair could refrain from sustained bearish attempts in the near term. Should the pressure reemerge, the dollar may derail the 156.00 intermediate support, but it looks like the pair will extend the ascent in the days to come.
XAUUSD
Gold prices stay slightly bullish on Thursday after finishing higher overnight. The bullion keeps shrugging off a modest bearish pressure to retarget the $2,400 region that represents the intermediate barrier on the way to all-time highs seen around $2,455 in April. Now, the XAUUSD pair needs some momentum to extend the bounce, with prices hesitating to continue the ascent so far today. The downside potential looks limited at this stage. In recent deals, the XAUUSD pair was changing hands around $2,379, up 0.14% on the day. On the weekly timeframes, the technical picture keeps improving gradually, 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 towards the $2,350 zone.
