Analyzes

The Aussie dollar has pulled back just a touch during the early hours of trading on Tuesday as the same ceiling continues to frustrate the bulls in this pair.

The US dollar has rallied slightly during the early hours here on Tuesday as we are sitting at a major bottom that could open up. This is a market that continues to pay you for being short.

The US Dollar is weak, but the British Pound is not very strong, so upside may be limited and data dependent.

The 7,000 level above continues to push the market back down, as we are working through the earnings season.

EUR/USD trades in a narrow channel above 1.1900 in the European session on Wednesday after posting marginal losses on Tuesday. The January employment report from the United States (US) could ramp up market volatility in the second half of the day and trigger the next directional action in the pair.

The AUD/USD exchange rate soared to the highest level since February 2023 as the US Dollar Index retreat gained steam.