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:
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:
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.