<p style=““ class=“text-align-justify“>European indices are keeping gains near 1% while S&P 500 futures are up 16 points, or 0.4%, and that is helping with the overall mood in markets so far. In turn, the dollar is the laggard but the losses aren’t really too overwhelming. EUR/USD is up 0.2% to 1.0860 levels but is in the hunt of a fourth straight day of gains:</p><p style=““ class=“text-align-justify“>The rebound this week comes after the pair tested its 200-hour moving average on Friday last week but in the bigger picture, this is an extension of its rebound from the 100-day moving average (red line) earlier in the month. Buyers will still need to crack key resistance at 1.1000 to really justify a further upside move though, but at least they are keeping the bullish momentum going for now.</p><p style=““ class=“text-align-justify“>Meanwhile, USD/JPY is down 0.1% to 132.70 but is at least off its earlier low of 132.20 during the session – which came after the Spanish inflation data <a target=“_blank“ href=“https://www.forexlive.com/news/bond-yields-fall-after-lower-spanish-inflation-numbers-20230330/“ target=“_blank“ rel=“follow“>here</a> as bond yields sagged. But as <a target=“_blank“ href=“https://www.forexlive.com/news/bond-yields-nudge-back-a-little-higher-as-traders-push-and-pull-20230330/“ target=“_blank“ rel=“follow“>yields are recovering</a>, the pair is also getting a bit of a lift to near unchanged levels on the day currently.</p><p style=““ class=“text-align-justify“>Then, we have GBP/USD which briefly hit eight-week highs just above 1.2360 though the technical picture remains somewhat confined still as highlighted <a target=“_blank“ href=“https://www.forexlive.com/news/cable-nears-two-month-high-as-pound-holds-firmer-on-the-day-20230330/“ target=“_blank“ rel=“follow“>here</a>.</p><p style=““ class=“text-align-justify“>Elsewhere, USD/CAD is slipping further to 1.3530 levels amid higher oil prices with the pair now gyrating towards its 100-day moving average seen at 1.3516 at the moment.</p><p style=““ class=“text-align-justify“>The antipodeans are sitting a little higher but they aren’t really going anywhere as well with AUD/USD stuck just below its 200-day moving average (blue line) near 0.6700 now after bouncing off its November lows:</p><p style=““ class=“text-align-justify“>NZD/USD is finding things even more difficult as it is sandwiched between its 100 (red line) and 200-day (blue line) moving averages:</p><p style=““ class=“text-align-justify“>With month-end trading also a key focus point in the sessions ahead, we are still awaiting firmer moves in the dollar to gather more conviction on the next big trending move.</p>
This article was written by Justin Low at www.forexlive.com.