Technical Analysis

Dollar keeps softer to start European morning trade

Dollar stays on the backfoot as the post-Fed vibes continue

The greenback is staying on defensive to start the session, falling to fresh session lows now as major currencies begin to extend their respective ranges today.

GBP/USD is up to 1.3950 with buyers looking to target 1.4000 next. Meanwhile, EUR/USD is up to fresh two-week highs of 1.1869 but keep in mind that there are large expiries layered between here and 1.1900 that could limit any major upside push.

Elsewhere, AUD/USD is closing back in on 0.7400 while NZD/USD is up 0.5% to 0.6985 currently, with the latter contesting trendline resistance @ 0.6981 on the day.

USD/CAD is also building further downside momentum as it falls to 1.2472 – breaching below 1.2500 and the 38.2 retracement level of the recent upswing @ 1.2501.

Further key support is seen closer to 1.2400 in the pair though there are some minor support levels seen around 1.2420 to 1.2440 as well for the time being.

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