August 8, 2016. The AUD is the strongest. The JPY is the weakest.

As North Amercan traders enter for the trading day, the AUD is the strongest, while the JPY is the weakest. Stocks are higher leading to a flight out of the JPY. The AUD has been better bid since and despite the RBA cut last week. Yes, the pair fell on the stronger US employment report but found support near the 0.7600 level on Friday and again today.

Honestly though, the movements are very limited with all the major currency pairs well below their 22-day average trading range (about a month worth of trading).

Looking at some specific pairs, the AUDUSD is finding support at the 0.7600 area but the move has only extended about 41 pips off the lows. It does trade neare the day's highs.

The EURUSD has only a 29 pip range - holding the 200 day and 100 hour MA on the 4-hour chart at the 1.1077-78 level. If the dollar is to get stronger - and the EURUSD participates - a break below that key technical level should solicit some selling activity. With a 29 pip trading range, it does not take much to extend to the upside either.

In the US the Labor Market Conditions index for July will be released at 10 AM ET/1400 GMT. The main employment statistics were released on Friday. Not sure this one will have a big impact.