EURUSD jumped to highs marginally below the 1.15 handle. The pair has been rising for a third day in a row already and remains elevated despite the overbought conditions. The euro retreated partially from highs and has settled above the 1.14 handle that acts as the immediate support area now. The daily RSI is well above the neutral zone, signaling the overbought conditions. Meanwhile, the neutral moving averages are suggesting the upside momentum is limited at the current levels.
The pair rallied aggressively on Monday, having exceeded the key 100- and 50-DMAs around the 1.30 psychological level that now serves as the immediate support. Despite the rally, the daily RSI hasn’t reached the overbought territory, suggesting the cable still has the upside potential and may extend the current ascent. The next upside target arrives at 1.3250 once the 1.32 level is broken. Should this level serve as a strong resistance, the prices may retreat and get back below 1.30 at some point.
USDJPY has reached fresh lows around 101.00 handle and then bounced above 102.00. Despite the pair has trimmed intraday losses, the technical picture in the daily timeframes remains bearish, with RSI suggesting the conditions are overbought. The dollar is getting lower from the key moving averages while the picture in the weekly charts turned worse dramatically over the last couple of weeks, as the greenback slipped from the levels above 112.00 and now may threaten the 100.00 psychological level should the selling pressure persist.
The pair briefly dived to the 0.60 handle and then bounced quickly to the 0.6450 area, where mid-February highs lie. The daily RSI has bounced strongly from the oversold levels but remains well below the 70 level, suggesting the Kiwi may see more gains in the near term and target the 0.6480 area, where the key moving averages converge. The weekly RSI points to a bullish technical picture for the pair. On the downside, NZDUSD will likely stay above the 0.60 figure should the selling pressure resume in the near term.
AUDUSD plunged to 11-year lows around 0.63 but bounced quickly. The pair gas recovered and even registered more than two-week highs around 0.6684. Should the upside momentum persist, the prices may exceed the 0.67 handle and extend gains to the 0.6750 zone. Once above, the Australian currency will face a decent resistance in the form of the key moving averages. On the downside, should the selling pressure resume any time soon, the 0.66 handle will serve as the immediate support. In a wider picture, the 0.63 level should serve as a bottom.