EURUSD is showing relief today after an aggressive selloff at the start of March, but the structure continues to favor shorts.

The NZDUSD has resistance at a swing area between 0.5927 and 0.59355 and the falling 100 hour MA at 0.5944.

The British Pound (GBP) remains on the back foot against the US Dollar (USD) on Friday, with GBP/USD consolidating losses after a short-lived spike following weaker-than-expected US labor market data.

The Pound Sterling (GBP) hit the lowest level in three months against the US Dollar (USD) near 1.3250 and staged a modest rebound, but ended the week deep in the red.

Since the rejection from annual highs at the 1.2100 level in late January, the short-term outlook for EUR/USD has been becoming worse and worse. The recent break below the important 200-day SMA also opens up the possibility of further retracements in the near-term horizon.

US Dollar Index pulls back from multi-month high as Iran de-escalation boosts stocks and weighs on oil, with traders eyeing 200-day MA at 98.351.

The US Dollar Index (DXY) slipped about 0.18% on Wednesday, settling close to 98.90 after retreating from the 99.68 high printed earlier in the week.

NZD/USD jumped about 0.73% on Wednesday, rallying sharply to around 0.5940 in a session that saw the New Zealand Dollar top the currency heatmap against every major counterpart.

The AUD/USD reversed its course, climbing some 0.61% on Wednesday as the US Dollar remains on the backfoot due to an improvement in market mood, sponsored by solid US economic data. At the time of writing, the pair trades at 0.7077, poised to end near the day’s high.

The dollar index ICEUS:DXY on Wednesday fell by -0.29%. The dollar was under pressure on Wednesday as stocks rallied on a New York Times report that Iranian operatives made an offer to discuss terms for ending the war. The dollar recovered from its worst level on Wednesday after the Feb ADP employm…