Dollar on the back foot as the new week gets going

Technical Analysis

Author: Justin Low | audusd

The greenback is softer across the board to start European morning trade

It is still early in the day but dollar weakness is one of the early themes emerging over the past few hours, even as the risk mood keeps more cautious for the time being.

US futures are still hovering around flat levels but European stocks look set for a slightly softer opening in just under a half-hour from now.

AUD/USD H1 29-06
For EUR/USD, buyers are looking to seize near-term control to start the session. And it is pretty much a similar case when we look at the AUD/USD chart as well (⬆).

For the case above, sellers have done well to keep near-term control in AUD/USD but have struggled to chase a break under 0.6845-50 in the second-half of last week.

Currently, buyers are looking to contest a break back above the 200-hour MA (blue line) @ 0.6883 and the 100-hour MA (red line) @ 0.6893.

Keep below these levels and sellers will stay more in control but break above that and buyers will have some bias to poke and prod 0.6900 levels.
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