EURUSD
EURUSD extended losses to ten-day lows earlier in the day and came closer to the 1.08 handle. The pair managed to bounce from the lower end of the extended range and turned marginally positive in the daily charts. Still, the common currency lacks the upside impetus to stage a more robust recovery as the dollar holds steady nearly across the board. The pair is finishing the week in the red territory after failed attempts to challenge the 1.10 barrier two days ago. The daily RSI turned flat again after a bearish bias witnessed yesterday, suggesting the downside pressure may be limited from here, and the prices could rebound further.
GBPUSD
GBPUSD shows some tepid signs of recovery but remains below the 50-DMA that acts as the immediate resistance around 1.2550. To challenge this region, cable first needs to reclaim the 1.25 handle as support. Should the pair manage to pick up steam any time soon, it will still need to confirm a break above the mentioned mobbing average on a daily and weekly closing basis. Considering a low trading activity, it may not happen, and the current consolidation will likely persist in the coming hours. Of note, should the pound hold above 1.2450, the pair will see a weekly close in the positive territory.
USDJPY
USDJPY turned negative after two days of gains, with the 108.000 handle remaining the key upside hurdle in the near term. On the downside, the greenback may retest 107.00 if the downside pressure intensifies. Considering there are three strong resistance levels in the form of the key moving averages, risks are now skewed to the downside, where the major support arrives at 106.90. The daily RSI turned slightly negative but the bias is too modest to bet on more aggressive selling pressure in the near term.
NZDUSD
The Kiwi has switched into a recovery mode on Friday after a decent decline to more than one-week lows witnessed yesterday. The pair seems to have found a local bottom around 0.5920 and bounced above the 0.60 handle. Despite NZDUSD turned green, the pair is finishing the week on a downbeat note but remains off the lows registered in mid-March at 0.5465. As a result of a strong bounce, the daily RSI is now pointing upwards, suggesting further gains could lie ahead. On the other hand, there is a strong local resistance around 0.6130, where the 50-DMA lies. The pair has been trading below this level since late-January, so the bulls may be spooked by this barrier in case of further gains.
USDCAD
USDCAD extends its gradual retreat from April 6 highs registered yesterday around 1.4180. After a failure to challenge the 1.42 handle, the pair dipped marginally. As a result, the daily RSI turned neutral, pointing to a continuation of the current consolidation with a modest bearish bias. On the downside, the daily lows around 1.40 come as the immediate support that could prevent the dollar from further losses. On the upside, the pair may regain 1.41 after some hesitation, with the technical picture in the weekly charts looking more upbeat after this week’s gains.
