EURUSD
EURUSD surged to the 1.0950 area on Thursday and keeps the upside impetus today. Still, the pair lacks the bullish momentum to challenge this intermediate resistance so that to overcome the 50-DMA around 1.0970 afterward. The daily RSI remains neutral, suggesting the upside potential is limited at the current levels. Moreover, the longer the pair stays below the mentioned levels, the higher is the risk of a bearish correction. If traders resume the sell-off following this week’s bounce, the euro will easily get back below 1.09 and may extend losses to 1.0850 and even lower.
GBPUSD
GBPUSD has been rising for the fourth day in a row on Friday and is set to finish the week on a strong footing. The pair registered fresh one-week highs around 1.2485, and the key upside target now comes at 1.25. A daily close above this level is needed for a confirmation of the recent breakout. Otherwise, the pound may retreat before climbing further. In a wider picture, the pair needs to clear the 1.26 handle, where the 50-DMA lies, followed by the 200-DMA around 1.2650. These levels could act as resistance within the current short-term upside trend. On the downside, important support arrives at 1.22.
USDJPY
USDJPY remains in a tight range, trading flat on Friday. The pair failed to settle above the 100-DMA yesterday and retreated to the 108.50 area. At the same time, the dollar stays close to the 200-DMA that is acting as support now. Once below it, the prices may accelerate the decline and get back below 108.00. However, so far, the technical picture remains neutral, at least in the short term. The pair may stay in the 108.00-109.00 range in the days to come before fresh drivers will set a clear direction for the dollar.
AUDUSD
Aussie is trading marginally higher on Friday, having settled around 0.6350. Despite a fairly robust rebound from multi-year lows registered in March, it looks like the buyers may be scared off by the 50-DMA that now acts as the immediate resistance. A break above this moving average around 0.6385 will open the way to the 0.64 level last seen nearly one month ago. The daily RSI is pointing upwards, suggesting the bulls may try to challenge the mentioned MA in the near term. If successful, the Australian currency will target the 0.6455 area.
EURJPY
The cross retains the upside bias but refrains from challenging yesterday’s highs around 119.00. The pair has settled at 118.60 on Friday, and it looks like the bulls are getting out of steam after the recent bounce. If so, the euro may retarget the 118.00 handle soon and derail the 117.80 area afterward. However, as long as the daily RSI shows even a modest upside bias, bearish risks are limited. On the upside, three important moving averages will act as resistance levels should the cross manage to extend gains.
