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Major currencies are keeping in narrow ranges for the most part as we look towards the session ahead but the near-term bias is starting to favour the dollar a little after the overnight developments, where US stocks fell amid virus jitters.

WCRS 25-06

The risk mood remains on the defensive side to get the day started, with US futures down by around 0.5% to 0.6% currently and Asian equities also not faring too well.

But we're not seeing much risk-off flows in the major currencies space just yet, so be mindful that the ranges may look to stretch in the sessions ahead.

From a technical perspective, dollar buyers are mostly in near-term control as price action is seen trading back under the key hourly moving averages for EUR/USD, GBP/USD, AUD/USD, NZD/USD and back above said levels for USD/CAD.

US stocks will also be a key focus point with the S&P 500 now backing away from the resistance region around 3,153 to 3,155 and moving towards its 200-day moving average.

Meanwhile, the Dow is backing away from its own 200-day moving average and is starting to look towards the 100-day moving average as well.

These ranges continue to define the more choppy risk mood seen over the past week as the market is awaiting on a firmer breakout to run with the flow.

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