Risk trades are seeing the enthusiasm from yesterday ease in trading today
The dollar is keeping little changed across the board in general as we see risk trades keep more tepid to get the session underway. European stocks are mixed and little changed, while US futures are angling slightly lower for now.
EUR/USD is still hovering around 1.1850-60 levels while GBP/USD has seen its earlier gains ease a little back towards the 1.3200 handle.
For EUR/USD, buyers are still holding near-term control after defending its 200-hour MA (blue line) in trading yesterday. But price action isn't quite extending higher towards the pivotal 1.1900 handle just yet.
Looking ahead today, there are large expiries sandwiching the pair at 1.1850 and 1.1900 and that may be a factor in keeping price action anchored between those levels.
GBP/USD is also sticking closer to 1.3200 currently as buyers are also lacking conviction to break above near-term resistance around 1.3234-43.
The near-term bias remains more bullish with the key hourly moving averages @ 1.3180-86 providing a supportive region for the time being. For sellers, they need to break back below that in order to establish more near-term control in the sessions ahead.
Elsewhere, AUD/USD is lingering just above 0.7300 for now:
The near-term bias in the pair is also still more bullish but there is upside resistance around 0.7318-40 that is limiting gains so far on the new week.
A push back below 0.7300 and towards the key hourly moving averages @ 0.7275-76 will pose a key challenge for buyers should the exuberance in risk sentiment fade further.
Meanwhile, NZD/USD is once again contesting to try and keep a firm break above 0.6900 but buyers are seeing some of that push fade towards 0.6885 currently.
USD/JPY is also slightly weaker at 104.40 after failing at a push above 105.00 yesterday, with sellers leaning on the 100-hour moving average to drive the pair lower.
