Technical Analysis

Commodity currencies hold slight advance to start the session

The dollar trades a little lower alongside the yen

Not a whole lot is going on in Europe as movement among major currencies is relatively light, though commodity currencies are holding a slight advance.

EUR/USD is trading narrowly within a 20 pips range between 1.1813 and 1.1833 (1.1827 currently) with GBP/USD keeping in a 28 pips range just above 1.3800 now.

The kiwi is leading gains as NZD/USD is up 0.3% to 0.7031 while AUD/USD is holding just above 0.7500 as buyers are challenging the 100-hour moving average @ 0.7508.

Of note, keep an eye on USD/CAD as the pair hints at a double-top pattern close to 1.2500 with the loonie getting a bit of a tailwind from a slight bounce in oil so far today:

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Risk is also looking a bit more positive on the session so far with the DAX up 0.8% while S&P 500 futures are up 0.1% and Nasdaq futures up 0.4%.

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