The dollar is struggling across the board today but this looks to be more of a breather to the recovery that started since the latter stages of last week. The mood in the greenback is rather sluggish amid a lack of key drivers, with bond yields also slightly lower today. If you look back to my post yesterday here, the levels for the dollar are slightly lower but the key technical developments are still holding.
Let's take stock of the situation for some of the dollar pairs currently.
EUR/USD is up 0.3% to 1.0270 but keeping with the rejection of the 200-day moving average and staying below both its 100 (red line) and 200-hour (blue line) moving averages. That keeps sellers in near-term control unless buyers can look for a push back above the key levels above, now sitting at 1.0304 and 1.0328 respectively.
USD/JPY is down 0.6% to 141.20 but having just broke away from its recent consolidation phase in a push above its 100-day moving average, now seen at 141.06. That also saw buyers seize back near-term control amid a push back above the 200-hour moving average (blue line) and we are seeing the near-term bias stay more bullish for now.
The confluence of the key hourly moving averages at 140.45-55 is still keeping buyers interested and poised for a recovery push.
Likewise, AUD/USD is also keeping a retreat back below its own 100-day moving average, now seen at 0.6689. The near-term bias is also more bearish now amid a push back below both the 100 (red line) and 200-hour (blue line) moving averages and price is staying below that even though the pair is up 0.6% to 0.6640 levels.
The confluence at 0.6671-76 will continue to keep dollar bulls interested after the recovery in recent sessions.
