During the bounce, the US currency came across the 101.00 resistance that capped the ascent again
EURUSD
The US dollar looks steady on Thursday, with bullish momentum stalling after the recent recovery from over one-year lows in the 100.20 during the previous session. The greenback derived some support from the resurgent safe-haven demand and positive US home sales data to erase losses from the previous session. The currency came across the 101.00 resistance that capped the ascent again during the bounce. Today, the buck is little changed as traders turned cautious ahead of Powell’s speech due later in the day. The DXY was last seen changing hands around 100.93, just 0.1% higher on the day. As the buck recovered, EURUSD came off March 2022 highs registered on Wednesday. The pair has settled back below 1.1200, but stayed bullish, 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 1.1141, up 0.08% on the day.
GBPUSD
The cable retains a bullish tone to register fresh March 2022 highs around 1.3430 figure during the previous session. The pound failed to preserve those gains, however, as the dollar surged across the board. On Thursday, the cable is back in positive territory, holding marginally below the mentioned long-term highs. The pair has settled below the 1.3400 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 retest the mentioned psychological level in the near term. On the four-hour timeframes, the price is now flirting with the ascending 20-SMA, 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 1.3350, up 0.20% on the day. On the upside, the immediate significant resistance is now represented by the 1.3400 region. While above the 1.3000, bearish risks are limited.
USDJPY
The USDJPY pair briefly climbed to early-September highs around 145.20 earlier on Thursday before retreating back to the flatline. During the previous session, the greenback saw a weekly low of 142.88 where buyers reemerged to push the pair back above 144.00. However, as buyers were spooked by the mentioned resistance, the dollar has retreated marginally since then. USDJPY still lacks the upside momentum, suggesting downside risks surrounding the dollar continue to persist. During the European session, USDJPY has settled above the 144.50 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 144.00 would somehow improve the technical outlook. The pair was last seen changing hands around 144.75, unchanged for the day. The daily RSI now 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 143.00 figure.
XAUUSD
Gold prices stay bullish, refreshing all-time highs these days. The XAUUSD pair extended gains to the $2,670 level even as the dollar looks steady after the recent bounce. On Thursday, the bullion holds in the green, staying around the mentioned peaks. The metal stays resilient as buyers remain in the game despite overbought conditions. As such, the metal has settled around fresh 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 $2,670 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 $2,669, up 0.29% on the day. On the weekly timeframes, the technical picture stays positive, with the RSI holding in the overbought territory. On the downside, the immediate significant support is now represented by the $2,650 zone, followed by the $2,600 region.
