<p style=”” class=”text-align-justify”>European stocks are holding lower, with S&P 500 futures also seen down 6 points, or 0.15%, so far on the day. Meanwhile, 10-year Treasury yields are little changed and keeping close to 3.53% so that is not offering traders a whole lot to work with in the major currencies space.</p><p style=”” class=”text-align-justify”>The dollar is sitting more mixed with USD/JPY up 0.3% to 137.40 but off earlier highs of 137.85, though buyers are still in near-term control as outlined earlier <a href=”https://www.forexlive.com/news/dollar-holds-steady-to-start-the-session-20221207/” target=”_blank” rel=”follow”>here</a>. Elsewhere, EUR/USD is up 0.3% to 1.0500 and running into a test of its 100-hour moving average (after a bounce near its 200-hour moving average):</p><p style=”” class=”text-align-justify”>Price action is somewhat stuck in between the key near-term levels and the same is said for GBP/USD, which is seen up 0.4% to 1.2180 levels. That said, cable is caught in a tussle in trying to stay above its 200-day moving average in the bigger picture:</p><p style=”” class=”text-align-justify”>This comes after a bit of a retreat after running into its August highs at 1.2276-93 and also its 50.0 Fib retracement level from the swing lower since last year, seen at 1.2303.</p><p style=”” class=”text-align-justify”>Elsewhere, USD/CAD is up another 0.2% to 1.3680 as oil prices are pressured further as noted earlier <a href=”https://www.forexlive.com/news/oil-tumbles-to-fresh-lows-for-the-year-20221207/” target=”_blank” rel=”follow”>here</a>. Amid a more tepid mood in the equities space, the antipodeans are mixed with AUD/USD down 0.2% to 0.6670-80 levels while NZD/USD is up 0.2% to 0.6332 currently.</p><p style=”” class=”text-align-justify”>AUD/USD in particular is getting sucked back in towards a test of its 100-day moving average (red line) as sellers continue to keep near-term control on a hold below its 100 and 200-hour moving averages at 0.6762 and 0.6741 respectively.</p>
This article was written by Justin Low at forexlive.com.