After falling yesterday, the dollar is finding some steadier footing today but it is more of the case that major currencies in general are finding little appetite to get moving. Here’s a snapshot of things and a bit of a look at some dollar pairs:
EUR/USD is little changed in a 23 pips range today but buyers are at least knocking on the door of the 1.1000 level. The recent rebound is still holding as the key level is now being tested for the first time in six weeks.
USD/JPY is also holding near 142.00 as it has been throughout the week with buyers still maintaining the upside bias, leaning on the 100-hour moving average for support since the break of 140.00:
USD/JPY hourly chart
GBP/USD will be a key focus amid the BOE today and the pair itself is seeing upside somewhat limited by its 100-hour moving average at 1.2780 at the moment. The 200-hour moving average is resting at 1.2703 and with price trading in between that at 1.2770, it will require a break on either side to spark any momentum-based move next.
Looking over to the antipodeans, the aussie is down just 0.1% to 0.6788 but at least off the lows earlier of 0.6758. The issue for buyers is that sellers are still keeping a more bearish near-term bias as seen below:
AUD/USD hourly chart
The 200-hour moving average (blue line) is the key line in the sand but it also is seen near the 100-hour moving average (red line) as well. So, the confluence of those two at 0.6805-18 will be vital in keeping the downside pressure with a break of minor support at around 0.6740-52 likely to set off another round of selling in the pair.