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Dollar extends slide in early European trading

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The greenback is offered across the board


GBP/USD now touches a high of 1.2881 on the day and looks to extend a break above the 200-hour MA (blue line). Hold a break above that and near-term bias turns more bullish. Just like that, the dollar’s bullish run into the month-end earlier in the week is quickly evaporating. This looks like the start of a potential turning point for cable and we’re seeing runs higher in other major currencies against the dollar as well.

AUD/USD also extends to a session high of 0.7145 and is looking to test the resistance swing region near 0.7150. Break above that and the squeeze higher will very much gather pace in the session ahead.
The focus for the dollar is now slowly shifting to the US midterms and that’s not entirely dollar positive as there is an element of uncertainty that comes with that. And this could be the signal that currency traders are hinting at right now.

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