The greenback leads gains in the major currencies space
Stocks are up on the day but the dollar is also up as the pullback momentum from yesterday extends into the new trading day today. The dollar held its ground in early European trading but is gradually pushing higher now as we look towards US trading.
The greenback is now trading to session highs against the euro, yen, loonie, and aussie.
Of note, we are seeing some key near-term levels in the pairs above being called into question as the dollar establishes a firmer footing on the day:
EUR/USD broke below 1.1900 and its 100-hour MA (red line) earlier in the day and is now threatening a break under its 200-hour MA (blue line) @ 1.1858 after holding at the key near-term level on the way down earlier.
Keep below that and sellers will seize near-term control of the pair with further support only sen closer towards the 1.1800 handle next.
AUD/USD is also seeing a push under its 100-hour MA (red line) as sellers look to try and seize back some near-term control. Keep below the near-term level @ 0.7344 and the bias turns more neutral instead with further support seen closer towards 0.7300-09.
USD/CAD is also nudging closer towards 1.3080 upon rebounding from a test of the 1.3000 handle yesterday. Price action remains capped by the 100-hour MA (red line) @ 1.3074 and that is the key level to watch in case buyers make a play later today.
Elsewhere, gold is looking to keep below $1,960 and its own 100-hour moving average after several attempts to break under that level during the session.
