Daily thread to exchange ideas and to share your thoughts
Good day, everyone! I hope you're all doing well as we get the session underway. It's been a bit of a quiet one as we get things started in European trading but once again the dollar remains on the back foot:
The loonie is the weakest major currency so far in what seems to be a continuation of flow-driven moves from overnight trading.
Some thoughts to consider in trading today:
- PBOC did not weaken the yuan further at the fix
- Chinese stocks are down as trade headlines return
- Dollar index tests the 95.00 handle once again
- Near-term levels for dollar pairs show breaks of hourly moving averages
On the last point, we're seeing EUR/USD close in on the 200-hour MA after breaking the 100-hour MA overnight. USD/JPY has fallen back below both the 100-hour and 200-hour MA. AUD/USD has broken both the 100 and 200-hour MAs in trading yesterday. NZD/USD has broken above the 100-hour MA earlier today - same goes for USD/CHF.
What is your take on the market right now? Share your thoughts/ideas with the rest of the ForexLive community here. :)
Need to kick some life into the session~
