February 8, 2023

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Another day, another round of dollar selling

1 min read


The dollar has been the weakest performer in April

It hasn’t been a good month so far for the greenback as it is sold once again going into European morning trade today. The dollar is weaker across the board with more technical levels being breached at the moment before Europe enters the fray.

EUR/USD D1 20-04

Of note, EUR/USD buyers are looking to hold a break above its 100-day moving average (red line) @ 1.2053. That will potentially open up the next leg higher towards 1.2200, if the momentum keeps up towards the latter stages of the month.

Elsewhere, USD/JPY remains pinned near 108.00 though is trading little changed on the day. Meanwhile, GBP/USD is testing 1.4000 again currently and a firm break above that may set up a retest of the late February highs in and around the 1.4200 level.

AUD/USD is also moving up to test the 0.7800 handle with key resistance still seen closer towards the 0.7820-49 region for the time being. The loonie is making up for a bit of an underperformance yesterday as USD/CAD slips back just below 1.2500 now.
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