19.5 C
Munich

Aussie, kiwi creep higher, keeping with yesterday’s bounce

Must read


The dollar is trading more mixed across the board

The overall changes among major currencies remain relatively light but at least we are seeing some extension to the narrow ranges from earlier, even if not by much.

Of note, the aussie and kiwi are pulling ahead as they keep with the bounce to start the new week amid calmer and mildly positive risk sentiment.

AUD/USD is up by 0.4% to 0.7235 but price action is reflecting a “caught in the middle” situation, keeping in between the key hourly moving averages:

AUD/USD H1 24-08

At least the latest bounce is moving past some minor resistance from the 38.2 retracement level at 0.7228 but buyers will have to push past the 200-hour moving average (blue line) at 0.7257 to really convince of a further upside leg in the pair.

Just take note that there are large expiries rolling off later today at 0.7300 but unless price action pushes past the key near-term resistance above, it is unlikely to come into play.

Meanwhile, NZD/USD is up 0.4% to 0.6920 but faces a similar dilemma as price action is caught in between the key hourly moving averages of 0.6860 and 0.6929 respectively.

Looking at the dollar, the currency is more mixed as it keeps mild gains against the yen and franc while trading flat against the euro. Elsewhere, the greenback is down a little against the pound and loonie as we get into European trading.

Invest in yourself. See our forex education hub.



Source link

- Advertisement -spot_img

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -spot_img

Latest article