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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 fairly stable today, fluctuating within a narrow range of 23 pips. However, the 1.1000 level is being approached by buyers, indicating potential upward movement. The recent resurgence is still intact, with the crucial level being tested after six weeks.

USD/JPY has remained close to the 142.00 level all week. The buyers continue to have a positive outlook and rely on the 100-hour moving average for support since the price broke through 140.00.

During the BOE meeting, GBP/USD will receive significant attention, and currently, its upward movement is being restrained by the 100-hour moving average, which is at 1.2780. The 200-hour moving average is situated at 1.2703, and the current price of 1.2770 is between the two averages. To initiate a momentum-driven shift, a break on one side or the other is necessary.

Examining the people from the opposite side of the world, the Australian currency has only decreased by 0.1% and is now at 0.6788, which is an improvement from its previous low of 0.6758. The problem for those who wish to buy is that those who wish to sell are still inclined towards a negative outlook in the short-term, as demonstrated below:

The blue line, which represents the 200-hour moving average, is an important marker. It is closely linked with the red line, representing the 100-hour moving average, and both intersect at 0.6805-18. Maintaining the bearish pressure requires paying attention to this intersection, as breaking the minor support level at 0.6740-52 could trigger further selling in the currency pair.

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