The central bank also expressed a less dovish tone on future rate cuts, which was USD-supportive
EURUSD
The US dollar looks volatile on Thursday, with bullish momentum stalling after the recent recovery from more than one-year lows in the 100.20 during the previous session. The Fed delivered a 0.5% rate cut, as expected. At the same time, the central bank expressed a less dovish tone on future rate cuts, which was dollar-supportive. Still, the greenback came under renewed pressure after a short-lived bounce. Earlier in the day, the USD index encountered resistance in the 101.50 zone before plunging back below 101.00. The buck was last seen changing hands around 100.57, holding in negative territory. As the buck slipped, EURUSD extended gains on Thursday. The pair looks bullish now, holding above the key SMAs. The daily RSI points north in neutral territory, suggesting the pair could see more gains before steadying or correcting lower. The single currency was last seen changing hands around 1.1175, up 0.52% on the day.
GBPUSD
The cable retains a bullish tone to register fresh March 2022 highs just a few pips below the 1.3300 figure during the previous session. The pound derives support from a weaker dollar along with positive risk sentiment after the Fed’s rate cut on Wednesday. The pair jumped to the 1.3297 region and keeps holding around the upper end of the extended trading range during the European hours on Thursday. As the bullish momentum persists, the pair could challenge the 1.3300 psychological level in the near term. On the four-hour timeframes, the price has settled above the key SMAs, while the RSI looks bullish, suggesting the cable could see some more ascent in the near term. In a wider picture, the technical outlook remains positive, with GBPUSD staying close to the mentioned tops. In recent trading, GBPUSD was changing hands around 1.3281, up 0.53% on the day. On the upside, the immediate significant resistance is now represented by the 1.3300 region. While above the 1.3000, bearish risks are limited.
USDJPY
The USDJPY pair briefly climbed to two-week highs around 143.94 earlier on Thursday before retreating partially. At the start of the week, the greenback saw a low of 139.57 where buyers reemerged to push the pair back above 143.00. However, as buyers were spooked by the 144.00 mark, the dollar slipped to settle back below the descending 20-DMA. USDJPY still lacks the upside momentum, suggesting downside risks surrounding the dollar continue to persist. During the European session, USDJPY has settled marginally above the 143.00 figure, trying to stay afloat. 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 143.10, up 0.59% on the day. The daily RSI points higher in neutral 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 overnight. The XAUUSD pair extended gains to the $2,600 psychological level amid dollar weakness. On Thursday, the bullion holds in the green after a brief slide from the mentioned peaks during the previous session. The metal stays resilient as buyers remain in the game despite overbought conditions. As such, the metal has 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 $2,600 figure that represents the nearest barrier at this stage. The downside potential remains limited, and the broader outlook stays bullish in anticipation of further rate cuts in the US. In recent deals, the XAUUSD pair was changing hands around $2,589, up 0.59% 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 $2,545 zone, followed by the $2,527 zone where the ascending 20-DMA lies.
