Technical Analysis

Dollar holds advance ahead of North America trading

The greenback continues to keep in a good spot so far today, maintaining its advance from Asia trading as we see a pause to the relief rally in broader markets. S&P 500 futures are down 17 points, or 0.4%, while 10-year Treasury yields are up over 6 bps to 3.89% currently and that is keeping the dollar in pole position in the major currencies space.

EUR/USD is down 0.7% to 1.0283 after backing away from its August highs at 1.0364-68 at the end of last week:

Buyers are still in control for the most part and it would really take a shove back below 1.0200 to invalidate a large chunk of the upside momentum from last week’s breakout post-CPI.

Elsewhere, USD/JPY is running up against key resistance at its 100-day moving average at 140.79 – the level noted earlier here. GBP/USD is down 0.7% to 1.1750 levels but still keeping just above its own 100-day moving average at 1.1653. That is the line in the sand in determining the key bias for the pair.

Meanwhile, AUD/USD is down 0.5% to 0.6665 after a brief recovery earlier in the session – which tailed off upon testing its own 100-day moving average as noted here.

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