Dollar on the back foot as the new week gets going

Technical Analysis

The greenback is softer across the board to start European morning trade

It is still early in the day but dollar weakness is one of the early themes emerging over the past few hours, even as the risk mood keeps more cautious for the time being.

US futures are still hovering around flat levels but European stocks look set for a slightly softer opening in just under a half-hour from now.

For the case above, sellers have done well to keep near-term control in AUD/USD but have struggled to chase a break under 0.6845-50 in the second-half of last week.

Currently, buyers are looking to contest a break back above the 200-hour MA (blue line) @ 0.6883 and the 100-hour MA (red line) @ 0.6893.

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