Major currencies see little change overall
The dollar is not doing much as the market is playing the game of waiting before Fed Chairman Powell’s speech later today. The European indices are slightly more flexible during the session after a flatter start but nothing too significant.
Elsewhere, US futures are down around 0.2% – which doesn’t really hint at much – while gold is also a bit lower at around $ 1,945 as the session start.
The short term chart shows that the price action is caught between the two key hourly moving averages and this suggests that the short term bias is more neutral at this time.
Meanwhile, the aussie is slightly higher on the session but the price action isn’t really felt from a technical standpoint:
The short term bias continues to favor buyers during a breakout of the 200 hour MA (blue line) yesterday, but the daily resistance around 0.7265-80 remains a key point to watch in the sessions ahead.
The most notable level to note is the 200 week moving average at 0.7253. This will be a key level to watch before the closing stages this week tomorrow.
For now, it all depends on the wait as we continue to count to Powell later today.