August 14, 2022

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Dollar keeps steadier to start the session

1 min read

Little change in FX so far on the day

There isn’t much movement among major currencies to start the new week, with the dollar maintaining a narrow range for the most part even today.

The aussie is mildly softer after having seen its initial post-RBA gains erased but AUD/USD is also off earlier lows of 0.7411 to 0.7432 currently.

Broader dollar sentiment is still focusing on the post-NFP narrative and we’ll likely have to wait on Fed speakers later this week to provide more colour to the picture.

EUR/USD price action exemplifies the more tentative mood for now:

EUR/USD D1 07-09

The pair is still contained below resistance at 1.1900 and the 30 July high @ 1.1909.

However, buyers are still keeping a more bullish near-term bias at least:

EUR/USD H1 07-09

Price is holding above the 100-hour moving average (red line) @ 1.1861 so that is the first key line of support before the 23.6 retracement level comes in @ 1.1851.

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