EURUSD has been on the defensive for the fourth day in a row already. During the recent trading, the pair dived under the 1.09 handle and extended losses to the more than one-week lows around 1.0850. as a result of the latest sell-off, the common currency has settled below the three moving averages that now act as resistance levels. The daily RSI is pointing lower but remains in the neutral zone, suggesting further losses may be ahead, at least in the short term. In the weekly charts, the euro remains highly volatile and has already given up more than 50% of last week’s gains.
GBPUSD made some recovery attempts earlier in the day but has encountered a local resistance around 1.2475 and trimmed intraday gains. The fact that the pair struggles to regain the 1.25 figure confirms that the upside potential is limited at this stage while bearish risks continue to persist as long as the prices remain below the 50-DMA around 1.2660. on the other hand, the daily RSI shows a neutral tone, suggesting the cable could remain in a consolidative mode in the short term before the pair decides on a clear direction.
USDJPY remains below the key moving averages despite some bullish attempts on Thursday. The immediate resistance arrives at 107.70, where the 20-DMA lies. The dollar needs to regain this upside barrier to regain some ground and reclaim the bullish momentum. However, the unbiased daily RSI is suggesting that the prices will likely continue to hesitate and oscillate around the current levels so far. Should the greenback fail to stage a daily close above 107.00, the focus will shift back to the 106.75 support area.
The cross continues its steady decline that started on March 19. Today, the pair registered fresh nearly three-week lows around 0.8750, where the 200-DMA lies. Should this area act as local support and prevent further losses, the euro may bounce back above 0.88. Otherwise, the pair will target the 50-DMA at 0.8670 and will continue to form a symmetrical triangle on the daily timeframes. In the weekly charts, the cross has come close to the critical levels where the 50- and 200-SMAs converge. This area may act as an important support for the euro should the selling pressure ease in the near term.
AUDUSD has been lower for a third consecutive day on Thursday. The pair has declined to one-week lows around 0.60 and could suffer further losses if this level fails to act as support. The daily RSI and the key moving averages are pointing south, suggesting it’s too early to call a local bottom. Once below the mentioned level, the Aussie may target the 0.5860 region. In case of a recovery, the pair may climb back above 0.62. However, the technical indicators are pointing to the prevailing bearish risks.