EURUSD exceeded the 1.09 handle on Thursday after a bearish correction witnessed yesterday amid partial profit-taking. As a result, the pair registered one-week highs around 1.0940 and keeps closer to the upper end of the intraday range. Now, the daily RSI shows a modest upside bias but the impetus is too weak to bet on further sustainable gains in the near term. Moreover, there are several resistance levels on the way north, with the initial hurdle coming at 1.0970, where the 50-DMA lies. on the downside, the 1.09 level now acts as the immediate support again.
GBPUSD continues to trend upwards for the third day in a row on Thursday. The pair climbed to 1.2480 and thus refreshed April highs during the recent trading. A daily close above 1.24 will serve as a confirmation of the recent breakout and may shift market focus to the 1.2650 area, where the 50- and 200-DMAs converge. But first, the cable needs to show a decisive break above 1.25. To do this, the [air may need an additional catalyst. The daily RSI is pointing north, suggesting there is further upside potential, at least in the short term.
USDJPY remains in a tight range, staying mostly below the 100-DMA that comes around 109.00. this level remains the main obstacle for dollar bulls in the near term. the longer the prices stay below this hurdle, the higher is the risk of a retreat. On the downside, fairly strong support arrives at 108.30, where the 200-DMA lies. as long as the greenback holds above it, downside risks are limited. In general, it looks like the pair is ready for a continuation of the consolidative pattern for the time being. Once above 109.00, the prices may target the 109.30-109.40 region.
The Kiwi has been rising for the fourth consecutive day. The ascent accelerated after a break above the 0.60 psychological resistance. As a result, the prices climbed to mid-March highs around 0.6070. the daily RSI is pointing strongly upwards, suggesting the bullish pressure may persist at this stage. On the other hand, NZDUSD has formed a short-term symmetrical triangle on the daily timeframes, which is a sign that the upside momentum could wane from here. In case of a retreat, the pair will target the 0.60 handle first.
The cross is nearly flat after a brief dip to the lows around 0.8725, where the 50-DMA lies. This level acted as support and fueled a bounce. However, the pair lacked the upside momentum to regain ground and has settled around 0.8770, struggling to get back above 0.88. In a wider picture, EURGBP remains within a bearish trend since reaching a high of 0.95 on March 19. But should the euro manage to hold above the mentioned moving average, it may stage a bounce and regain the 0.88 barrier as a result.