Daily thread to exchange ideas and to share your thoughts
The dollar is keeping weaker once again to start the day, with some key levels to be mindful of as we look towards European trading today.
EUR/USD is closing in on 1.1900 while AUD/USD is also near the early August highs close to 0.7240. Meanwhile, USD/JPY is starting to track under 106.00 once again.
GBP/USD is also testing near-term resistance around 1.3127-32 with further resistance seen closer to 1.3170-86 as well as the 1.3200 handle.
USD/CHF is gradually making fresh five-year lows while USD/CAD is looking to firmly break below 1.3200. The kiwi is still the weakest performer since trading last week as the market continues to factor in negative rates by the RBNZ for next year.
Elsewhere, US stocks are looking more poised with the Nasdaq closing at a record level and the S&P 500 flirting with its own all-time high. The Dow closed lower yesterday, but that is much besides the point for the time being.
Gold is also looking in a better spot but $2,000 continues to pose a firm challenge for now.
It feels like a slight nudge will be enough to get this market running and extended dollar weakness could certainly be on the horizon if we were to see that happen - considering the technical levels above.
What are your views on the market right now? Share your thoughts/ideas with the ForexLive community here.
