The dollar and yen are the laggards in trading so far today

The greenback is posting fresh lows to start the session as we see EUR/USD climb back above 1.2100 and push towards a test of its 100-hour moving average (red line) @ 1.2118 to kick start European morning trade:

The push in EUR/USD towards the key near-term level calls into question the recent dollar momentum. Keep below the 100-hour moving average and the bias stays more bearish but break above that and the bias turns more neutral instead.

Adding to that, is AUD/USD pushing towards the confluence of its own key hourly moving averages as price climbs to a session high of 0.7725:

AUD/USD H1 19-01

The region of 0.7727-33 is the key near-term spot to watch now for the pair as a break back above that area will undermine the dollar push since Friday – which stalled upon testing support from the 11 January low closer to 0.7666.

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