Technical Analysis

Commodity currencies slump to fresh lows on the day as the dollar catches a bid

The dollar is picking up some momentum ahead of North American trading

Fresh lows for commodity currencies, in particular the antipodeans as the dollar is seeing a bid going into US trading today.

AUD/USD is down to a low of 0.7447 as price continues to back away from a test of the 200-hour moving average over the past few sessions:

There is some minor support @ 0.7430 before more key support is seen @ 0.7400-10.

Meanwhile, NZD/USD is down to a low of 0.6997 while USD/CAD has moved off 1.2500 to 1.2530 currently. The loonie is not helped by an added slump in oil prices with WTI falling by nearly 2% to $71.75, continuing the drop from yesterday.

Elsewhere, USD/JPY has pushed back up to 110.00 while EUR/USD is trading to fresh session lows as well at 1.1810 from 1.1830 earlier in the session.

European stocks are slumping to fresh lows as well on the day, down by a little over 1% as the risk mood is not looking good outside of tech so far. S&P 500 futures are down 0.4% and Dow futures down 0.6%, but Nasdaq futures are only down 0.1%.

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