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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:
The EUR/USD has remained relatively stable today, fluctuating within a narrow range of 23 pips. However, there are indications that buyers are attempting to breach the 1.1000 level, which is a positive sign. The previous increase in value is still being sustained, and the 1.1000 level is currently being assessed for the first time in six weeks.
Throughout the week, the USD/JPY has remained close to 142.00, and buyers are still favoring an upward trend. They are relying on the 100-hour moving average as a source of support since the price broke through the 140.00 level.
During the BOE meeting today, GBP/USD will be important to pay attention to. Currently, the 100-hour moving average at 1.2780 is limiting the pair’s upward movement. The 200-hour moving average is found at 1.2703, and with the price currently at 1.2770, a movement in either direction is needed to initiate any momentum-based action.
Observing the people from the antipodes, the Australian dollar has only decreased by 0.1% to 0.6788, which is an improvement from its previous low of 0.6758. However, buyers may face difficulty as sellers are still displaying a more negative short-term belief, as indicated in the following information.
The blue line, which represents the 200-hour moving average, is a crucial indicator. It is also closely located near the red line, which indicates the 100-hour moving average. The point at which these two lines intersect, at 0.6805-18, is essential in preventing further decreases in the value of the pair. However, if the pair breaks the minor support level at around 0.6740-52, it is likely to lead to another round of selling.
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