Dollar continues to keep steadier to start the week

But the dollar is continuing to find a bit more of a footing across the board. The Fed minutes will be the highlight on the calendar this week, so that’s the one to watch out for. However, we should see things start to pick up from tomorrow with a couple of other releases as well.

For now, the overall mood is steadier but also a more tentative one. The dollar though is making some headway when you look at the near-term charts below.

In the case of EUR/USD and AUD/USD, price has fallen back below their respective 100-hour moving averages (red line). And that suggests the near-term bias has shifted to being more neutral now. NZD/USD is also observing a similar interaction at the moment.

In other words, dollar bulls are wrestling back some control on the charts to start the week.

Besides that, USD/JPY is also closing in on last week’s high of 156.78 and USD/CHF has seen yet another decent bounce off 0.9000 to sit closer to 0.9100 currently.

If anything else, I’d read this as saying that it is still all to play for in trading this week. And that the initial reaction to the US CPI report last week isn’t exactly one that has the legs to go running yet.

This article was written by Justin Low at www.forexlive.com.