It's not a good look to start the day for the dollar as the selling in USD/JPY is reverberating elsewhere now as we get into the early stages of European morning trade. EUR/USD has pulled higher by 0.5% to 1.0250 now while GBP/USD is also up 0.5% to 1.2225 at the moment. There are some key levels in focus at the moment, so let's take a look at the charts.
For EUR/USD, the euro's lack of optimism in itself is still seeing the 50.0 Fib retracement level at 1.0283 being the key resistance point for the pair:
That will continue to limit price action for the pair but just be wary that there are large option expiries seen at 1.0245-50 that could prove to be a bit of a magnet before rolling off later in the day.
Meanwhile, GBP/USD is looking to try and establish another upside leg with a push above 1.2200 currently:
The pair is looking for a push above the figure level as well as the 50.0 Fib retracement level of the recent downswing at 1.2213. That paves the way for a further push towards the 61.8 Fib retracement level at 1.2320 alongside swing highs around 1.2325-32 before getting to the 1.2400 level.
Looking at commodity currencies, USD/CAD is testing waters below 1.2800 and the technical push below the support region around 1.2815-20 is now opening the path towards testing the 100-day moving average (red line) at 1.2774:
Then we have AUD/USD, which is up 0.6% on the day to 0.7030 and contesting a firm break above the 0.7000 mark:
Stay above and that will put the focus on the 61.8 Fib retracement level at 0.7053 as well as the 16 June high at 0.7069 before looking towards the 100-day moving average (red line) at 0.7120 currently.
This article was written by Justin Low at www.forexlive.com.
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