Technical Analysis

Dollar pares slight losses on the session

Dollar regains some ground in European morning trade

Of note, EUR/USD is being pushed to fresh lows of 1.1847 after having seen the earlier upside push rejected by the 200-hour moving average:

Price has even dipped just below the 100-hour moving average (red line) as sellers look to seize back near-term control in the pair.

GBP/USD has also backed away from 1.3900 to 1.3855 while USD/CAD has moved up from 1.2305 to 1.2340 with the aussie and kiwi still keeping gains but off earlier highs.

AUD/USD has moved away from a high of 0.7599 to 0.7572 while NZD/USD has eased from 0.7105 to 0.7075 currently.

As mentioned earlier, the market looks to still be finding itself to start the new week and we may have to wait on Wall Street later for a better sense of risk direction before the Fed minutes tomorrow to perhaps provide additional clues.

Invest in yourself. See our forex education hub.

Articles You May Like

USDCAD trades to a new low and centers within the 100 and 200 hour moving averages
US stocks move to new lows for the day
A Friday bounce for US stocks to start the trading day
ECB’s de Guindos: Likely that we will see negative growth rates in Q4 2022
Gold faces weekly dip as recent rally subsides on hawkish Fed

Leave a Reply

Your email address will not be published. Required fields are marked *