EURUSD
After a short-lived recovery on Monday, the euro resumed the decline and accelerated its bearish move to fresh March lows around 1.0970. the technical picture has deteriorated significantly after a break below the key moving averages and the 1.10 psychological level. Furthermore, the symmetrical triangle in the daily charts is pointing to further losses in the days to come if the common currency fails to get back above 1.10 any time soon. In the weekly timeframes, the technical picture is getting more bearish as well. On the downside, the initial support now arrives at 1.0950.
GBPUSD
The cable plunged to fresh multi-month lows below 1.21 and extended losses to 1.2050. The selling pressure has intensified after failed attempts to regain the 1.24 figure at the start of the week. As a result, the daily RSI has entered the oversold territory and continues to point downwards. A break under the above-mentioned lows will open the wat towards the 1.20 key handle. On the upside, the initial resistance comes at 1.21. Despite strongly bearish conditions these days, the key moving averages remain neutral and still show no bias, suggesting the downside momentum could wane somehow in the short term.
USDJPY
The pair resumed the ascent after a brief pause yesterday. However, USDJPY still lacks the bullish impetus since the rejection from above the moving averages late last month. Moreover, the 20-DMA is pointing to the downside, suggesting the recovery momentum could wane in the days to come. The daily RSI is only slightly bullish, confirming the unsustainable nature of the current positive bias. At the same time, in the 4-hour charts, the prices are following the 20-SMA, suggesting further gains may be in the cards in the immediate term.
AUDUSD
The Aussie continues to lose ground on Tuesday, as the pair extended multi-year lows to 0.5980. The technical picture has deteriorated further after a break below the 0.60 psychological level, with the daily RSI continuing to point lower despite extremely oversold conditions. The pair has been under severe negative pressure for the seventh day in a row but it looks like it will persist in the days to come, especially as the Australian currency derailed the 0.60 figure. In the 4-hour charts, the indicators are pointing to the downside as well.
NZDUSD
The Kiwi also dipped to fresh eleven-year lows around 0.5930. After the initial plunge, the pair has bounced partially but remained below the 0.60 handle, pointing to a strong selling pressure surrounding the New Zealand currency. The daily RSI has been in the negative territory since last week and continues to point slightly south. Anyway, the recovery attempts are pointing to the fact that the downward momentum could wane in the short term. In this scenario, NZDUSD is expected to see a daily close above 0.60.
