EURUSD slipped to intraday lows around 1.0820 and has settled marginally above this area afterward. The pair remains in the negative territory after yesterday’s rejection from the levels near the 1.09 handle. the downside pressure looks limited at this stage but as dollar demand persists, there are no signs of recovery just yet. The daily RSI point slightly to the downside but the bias is too modest to signal further losses in the near term. On the downside, the 1.08 figure in focus as a break below it could fuel a more aggressive sell-off. In case of an upside correction, the bulls will need to regain the 1.0870 intermediate resistance so that to retarget 1.09.
GBPUSD has accelerated the bearish movement on Tuesday, having registered two-week lows below the 1.23 figure which is a negative signal suggesting the selling pressure will likely persist, at least in the immediate term. As a result, the daily RSI turned even more bearish, also pointing to downside risks. It looks like the pair is forming a short-term symmetrical triangle on the daily timeframes. If so, the pound could extend losses to the 1.2160 area before a reversal takes place. In the four-hour charts, the technical picture has deteriorated after a break below the 100- and 200-SMAs.
USDJPY is marginally lower after a modest rise witnessed at the start of the week. In general, the pair continues to trade in a fairly tight range, clinging to the 107.50 area. On the other hand, dollar bulls lack the impetus to overcome the 108.00 handle since last week. On the other hand, the 107.00 figure caps the downside pressure. As a result, the greenback has entered a consolidation mode that will likely continue for some time before the pair decides on a clear direction. As long as USDJPY remains below 108.00, downside risks persist.
The Kiwi dropped quite aggressively today following yesterday’s retreat from local highs marginally below 0.61. the pair extended losses to the 0.5940 area and remains vulnerable as long as the prices stay under the 0.60 figure. Should this area fail to withstand the ongoing selling pressure, traders will shift focus to the 0.59 level. The intermediate support arrives at 1.5920 where last week’s lows lie. The daily RSI is pointing south and remains in the neutral territory, suggesting further losses may lie ahead. The technical piсture in the four-hour timeframes looks bearish as well.
The Aussie has been under the intensifying bearish pressure, having dipped to April 9 lows around 0.6260. The pair failed to regain 0.64 on Monday and attracted profit-taking amid shallow recovery attempts. As a result, AUDUSD got back below the 50-DMA which is a bearish sign suggesting the 0.62 handle could reenter the game as the next important support. If the pair struggles to hold around the current levels, the technical picture will deteriorate further. On the upside, the above-mentioned moving average around 0.6330 comes as a major hurdle for bulls in the short term.