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Dollar gains extend, the technical tide is starting to shift again
<p style=““ class=“text-align-justify“>As risk sentiment nudges lower again while Treasury yields keep higher, the dollar is finding fresh bids on the day in a push to the highs. EUR/USD is now down 0.9% to 0.9760 in a fall below its 100-hour moving average at 0.9791 and is now looking towards its 200-hour moving average at 0.9755 next:</p><p style=““ class=“text-align-justify“>A push below the latter will see sellers resume near-term control and price will look towards the 13 October low at 0.9631 next before turning towards 0.9600 again.</p><p style=““ class=“text-align-justify“>Meanwhile, GBP/USD is also declining further after its earlier fall below the 100-hour moving average. The pair now looks towards 1.1200 with the 200-hour moving average at 1.1180 also in focus:</p><p style=““ class=“text-align-justify“>Much like the EUR/USD, the pair is also seeing the near-term bias now shift to be more neutral. And a push below the 200-hour moving average (blue line) will give sellers room to roam back towards 1.1000 next.</p><p style=““ class=“text-align-justify“>Elsewhere, USD/JPY remains perky in a run to 149.70, up 0.3% on the day, as it continues to <a target=“_blank“ href=“https://www.forexlive.com/news/usdjpy-nudges-closer-towards-intervention-trigger-20221019/“ target=“_blank“>flirt with a potential intervention trigger</a> ahead of the 150.00 mark.</p><p style=““ class=“text-align-justify“>Looking over to commodity currencies, they are moving back to the lows for the day as equities retreat ahead of US trading. S&P 500 futures are now down 12 points, or 0.3%, and that is seeing the loonie, aussie, and kiwi nudge lower. USD/CAD is up 0.4% to 1.3790 while AUD/USD is falling by 0.5% to 0.6280 and threatening a fall below its key hourly moving averages at 0.6282-94. For the latter, a break below the near-term support in that region will allow for another run at 0.6200 for sellers.</p>
This article was written by Justin Low at forexlive.com.