December 06, 2024 at 08:57AM
The dollar is keeping steadier across the board with light changes for the most part. The only standout among major currencies is the more sluggish showing from the aussie and kiwi. They were already down since Asia trading and remain that way to start the session here in Europe. AUD/USD is down 0.4% to 0.6525 currently:
That erases the gains from yesterday, which were rather tentative in any case. As such, this puts the scrutiny back on the downside pressure created on Wednesday when we saw a drop towards 0.6400 at the time.
Sellers are in near-term control and are looking poised to try and take a run at key daily support from the April lows of 0.6362 and 0.6389, alongside the August low of 0.6347. Those will be key downside levels to be mindful of in the event of any dollar jump following the non-farm payrolls data later.
Meanwhile, NZD/USD is down 0.6% to 0.5850 currently and also erasing the bounce from yesterday. The key downside level to watch for the pair remains at the 0.5800 level, where we saw a bounce in late November. That coincides with key support from the October 2023 lows, so it is a significant technical support level to keep an eye out for before potentially revisiting its lowest levels since October 2022.
For now though, markets are keeping more tentative and understandably so. It’s all about the US jobs report to settle things before the weekend.
This article was written by Justin Low at www.forexlive.com.
