Technical Analysis

Commodity currencies slip as equities lean towards the softer side to start the session

Dollar keeps steadier as commodity currencies fall

This comes as we see a bit more of a jittery mood among Chinese stocks, with the Hang Seng falling to the lows for the day and down by over 1% currently.

The softer mood is also weighing on European indices to start the day with US futures also keeping more subdued for the time being. S&P 500 futures are down 0.3%.

Both AUD/USD and NZD/USD are now down 0.3% after a flattish start, with the former trading down to 0.7275 and seeing sellers wrestle back some near-term control:

The drop below the 200-hour moving average (blue line) @ 0.7285 sees the near-term bias switch to being more neutral with support lined up at the 100-hour moving average (red line) @ 0.7258 currently.

Elsewhere, USD/CAD is also trading up by 30 pips to 1.2685 while EUR/USD is more tepid and hanging around 1.1730 levels and still stuck in a 15 pips range today.

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