Dollar’s slight advance evaporates in quiet trading

Technical Analysis

The dollar gives it all back in European morning trade

The greenback held a slight advance coming into the session but has seen that all slip away now in a relatively light and quiet start to the new week.

There isn’t much of a catalyst with European equities little changed, US futures holding slightly lower, while Treasuries aren’t doing much ahead of the 10-year auction later.

EUR/USD has moved off a low of 1.1871 earlier to 1.1900 now while GBP/USD is extending gains to 1.3750 levels after breaking back above 1.3700 earlier.

The 100-hour moving average in cable is seen @ 1.3760 and that will mark a first key test for buyers in trying to chase for further upside momentum.

AUD/USD is also moving off lows close to 0.7600 – which has been a stubborn support level in the past week or so – to push to session highs of 0.7628 now.

AUD/USD H1 12-04

There is some resistance from its 100-hour moving average (red line) @ 0.7632 next but the swing region around 0.7656-64 remains the key topside area for the time being.

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