EURUSD has accelerated the intraday ascent and is now flirting with the 50-DMA amid broad-based dollar weakness. The pair climbed to 1.0975 and now targets the 1.10 handle. Once above, the euro will face another resistance in the form of the 100-DMA around 1.1030. The daily RSI is still in the neutral zone but starts to show a mild upside bias, suggesting more gains may come in the short term. Should the common currency fail to confirm a break above the 50-SMA in the daily charts, the focus will shift to the 1.09 support area.
GBPUSD has been rising for the sixth consecutive day on Tuesday. The pair registered one-month highs around 1.2580, where the 50-DMA lies. should the prices exceed this level any time soon, the focus will shift to the 200-DMA around 1.2650. The daily RSI is pointing north but is yet to reach the overbought territory, suggesting there is still upside potential for the time being. In case of rejection from the mentioned highs, the pound may correct lower and get below 1.25. On the weekly timeframes, the technical picture has been improving but there are still important resistance levels in the form of the key moving averages which means further upside will likely be limited in the medium term.
USDJPY dipped to early-April lows around 107.30, extending the retreat from the 109.40 local highs registered last week. At this stage, it looks like the path of least resistance is to the downside, with the technical picture is deteriorating further in the daily timeframes while the daily RSI is pointing slightly down. Moreover, there are moving averages on the way north that will act as resistance levels in case of a local rally. On the downside, the immediate support arrives at 107.00, and the risk of a break below this level keeps rising. The туче support arrives at 106.70 and then at 105.80.
The cross is locking its wounds after yesterday’s plunge to 117.30. The pair was rejected from the 119.00 handle last week and has been struggling to regain the upside momentum since then. So far, the recovery attempts are too modest to call a bottom and bet on a rally towards the mentioned local highs. However, should 117.00 act as support, EURJPY may bounce after the current consolidation. In the immediate term, the technical picture looks neutral as the daily RSI shows no clear bias as well as the ley moving averages. In the four-hourly charts, there are some bullish signs but the bears remain in control as long as the prices stay under the 50-SMA that arrives at 117.90.
The Aussie continues to grind higher gradually and has overcome the 50-DMA that acted as resistance since late-January. This is a bullish sign, pointing to the persisting upside potential. The pair registered fresh one-month highs around 0.6430 and has retreated partially since then. AUDUSD has settled marginally below the 0.64 handle and is yet to confirm a break above the mentioned moving average on a daily closing basis. Anyway, the daily RSI is pointing upwards, suggesting the short-term technical outlook remains positive so far. In case of profit-taking, the pair may correct under 0.6370 and down to 0.6325.