The greenback is trailing in European morning trade
The dollar is softer across the board for the most part, with only the kiwi lagging further behind amid the RBNZ calling for a weaker currency and opening up on negative rates.
Despite the softness in the dollar, the technicals suggest that the greenback isn't really suffering all too much as it is hanging on to some near-term levels. For AUD/USD:
Price action is caught in a battle around the key hourly moving averages @ 0.7161-66.
Keep above that and buyers will have more near-term control, though there is further resistance seen around 0.7185-90 as well thereafter.
Moving on to GBP/USD:
Price action has largely been consolidating between 1.3000 and 1.3100 since 7 August and the slight nudge higher today is running into resistance from the 200-hour MA (blue line) @ 1.3081 currently.
Keep above that and buyers will seize near-term control, although a firm break back above 1.3100 will be more convincing for any upside momentum to be sustained.
Over to EUR/USD:
Buyers are in near-term control after breaking above the key hourly moving averages, even managing a push above the overnight high @ 1.1816.
That said, there is some minor resistance around the 61.8 retracement level of the recent swing lower from last week at around 1.1838 for the time being.
In any case, the bigger picture sees upside momentum still capped by the 1.1900 handle while downside is also limited closer to 1.1700 - the trading range since end-July.
Elsewhere, USD/JPY is keeping lower amid a slight retreat in yields today and from a technical perspective, there is a slight push lower after testing 107.00.
All in all, there are hints of dollar weakness to start the session but the near-term technical levels suggest that the recent push and pull is still ongoing for the most part.
