Dollar holds slightly firmer so far on the day

  


The greenback sits higher across the board, except against the pound

The dollar momentum may have cooled for a bit towards the end of last week and in the early stages of this week but it has certainly not let up especially with EUR/USD continuing to make fresh lows since July last year.

Invest in yourself. See our forex education hub.

The pair broke below 1.1400 yesterday and the continued downside pressure is arguably still providing an impetus for the dollar to make headway at the moment:

From a technical perspective, it is tough to pick at support levels though there is the 61.8 retracement level of the swing move higher from March last year to January this year seen @ 1.1290. That aside, a shove towards 1.1200 may very well be on the cards.

See also  Gold Technical Analysis: Awaiting US Inflation Figures

Elsewhere, USD/JPY is keeping a little higher at 114.20-30 levels despite bond yields cooling off after the surge higher yesterday. Meanwhile, USD/CAD is finding some light support near 1.2500 to keep near 1.2530 in European morning trade.

AUD/USD is down at the lows for the day at 0.7332 as sellers keep a defense of its 100-day moving average (seen @ 0.7363) while NZD/USD is down 0.4% to 0.7017 as sellers look to test waters below its 100-day moving average @ 0.7023 and the 0.7000 handle.

 



Read more here