Dollar stays on the backfoot in European morning tradeThe drop came earlier in Asia Pacific trading, when USD/JPY hit a bit of an air pocket as highlighted earlier here.
Since then, the dollar has been holding on the softer side with EUR/USD now up 0.4% to 1.0830. The weekly chart outlines support at 1.0800 although recent lows suggest that buyers are holding on around the 1.0760 level. But looking at the near-term chart now:
The slight push higher today sees price move back above the 100-hour moving average (red line), seeing the near-term bias turn more neutral. The 200-hour moving average (blue line) now offers resistance @ 1.0838.
Elsewhere, USD/JPY remains pinned down around 128.40-50 levels after the drop from 129.40 earlier in the day.
AUD/USD is a notable gainer as it is up 0.8% to 0.7430 as buyers seize back near-term control on a push above its own key hourly moving averages @ 0.7391-18. The rebound also coincides with a bounce off its 100-week moving average @ 0.7363.The changes in bias in the near-term charts are ones to be wary about as they could hint at a slight breather in the dollar momentum that we have been seeing as of late.
Source: Dollar stays on the backfoot in European morning trade (https://www.forexlive.com/news/dollar-stays-on-the-backfoot-in-european-morning-trade-20220420/)
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