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Yesterday, the dollar experienced a drop in value, however, today it seems to be stabilizing. Nonetheless, major currencies seem to lack the enthusiasm to make significant changes. Here is an overview of current market conditions, as well as some information on how some dollar pairs are performing.
The EUR/USD has not fluctuated significantly today, remaining within a narrow 23-pip range. However, there is some indication that buyers are approaching the 1.1000 level. This current rally has held steady and is now being challenged for the first time in six weeks.
Throughout the week, USD/JPY has been maintaining its position close to 142.00. Buyers are still favoring an upward direction and relying on the 100-hour moving average to provide support since the break of 140.00.
Today, the BOE’s focus will be on GBP/USD, and currently, the pair’s upward movement is somewhat restricted by its 100-hour moving average, which is established at 1.2780. The 200-hour moving average is situated at 1.2703, and with price movement currently in between that range at 1.2770, any movement in a particular direction would require breaking through either side to initiate any momentum-driven action in the market.
When examining the markets in Australia and New Zealand, the Australian dollar has only decreased by a small amount of 0.1% to 0.6788, which is an improvement from its previous low of 0.6758. However, those who want to purchase Australian currency are having difficulty because sellers are maintaining a negative outlook, as shown in the following analysis.
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.
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