The DXY now firmly holds above the 101.50 immediate support zone in anticipation of fresh drivers
EURUSD
The US dollar looks resilient on Thursday, with bullish momentum stalling after the recent recovery from more than one-year lows in the 100.50 area last month. Inspired by a stronger-than-expected core CPI, the USD index climbed overnight. Now, the greenback is facing the immediate resistance around the 101.85 zone. A decisive break above this barrier would pave the way towards the 102.00 psychological level last seen more than one week ago. However, the dollar remains vulnerable in the near term as markets bet on a rate cut by the Fed next week. The DXY now firmly holds above the 101.50 immediate support zone in anticipation of fresh drivers. As the buck bounced, EURUSD came off mid-2023 highs seen last month around 1.1200. The pair looks steady on Thursday after a four-day slide. The daily RSI now looks unbiased in neutral territory, suggesting the pair could see some consolidation before deciding on further direction. The single currency was last seen changing hands around 1.1013, up 0.03% on the day.
GBPUSD
The cable retains mostly bearish bias, retreating from March 2023 highs registered last month. The pair briefly jumped to the 1.3265 region before retreating. As the bullish momentum has waned, the pair retreated back below the ascending 20-DMA. The cable looks set to resume the rally if dollar comes under renewed selling pressure in anticipation of a Fed rate cut. On the four-hour timeframes, the price has settled below the key SMAs, while the RSI looks neutral, suggesting the cable could struggle to resume the ascent in the near term. In a wider picture, the technical outlook remains bullish, with GBPUSD staying relatively close to the mentioned tops. In recent trading, GBPUSD was changing hands around 1.3043, up 0.01% on the day. On the upside, the immediate significant resistance is now represented by the 1.3055 region, followed by the 1.3100 figure. While above the 200-week SMA, today at 1.2846, bearish risks are limited.
USDJPY
The USDJPY pair briefly fell to fresh 2024 lows on Wednesday before finishing the day unchanged. The greenback saw a low of 140.70 where buyers reemerged to push the pair back above 142.00. Today, the dollar shrugged off the recent weakness to settle in positive territory. USDJPY still lacks the upside momentum, suggesting downside risks surrounding the dollar continue to persist. During the European session, USDJPY has settled marginally below the 143.00 figure, trying to stay afloat. Earlier, the ascent was capped by the 143.04 figure that represents the immediate upside target now. Despite the latest bounce, the pair remains vulnerable to fresh losses in the near term. In the immediate term, a daily closure above 143.00 would somehow improve the technical outlook. The pair was last seen changing hands around 142.80, up 0.32% on the day. The daily RSI stays above the oversold territory, but the pair could refrain from sustained bullish attempts in the near term. Should the pressure reemerge, the dollar may get back below the 142.00 figure.
XAUUSD
Gold prices stay bullish after refreshing all-time highs last month. The XAUUSD pair extended gains to the $2,570 figure amid persistent dollar weakness. On Thursday, the bullion holds in the green after a brief slide witnessed during the previous session. The metal stays resilient as buyers remain in the game despite overbought conditions. As such, the futures have settled slightly below historic highs, deciding on further direction. The overall technical picture remains bullish after the latest jump, especially as the dollar remains relatively weak. The precious metal stays above the key SMAs, flirting with the $2,550 figure that represents the nearest barrier at this stage. The downside potential remains limited, and the broader outlook stays bullish in anticipation of a Fed rate cut. In recent deals, the XAUUSD pair was changing hands around $2,544, up 0.08% on the day. On the weekly timeframes, the technical picture stays positive, with the RSI challenging the overbought territory. On the downside, the immediate significant support is now represented by the $2,530 zone, followed by the $2,500 figure.
