U.S. Dollar Attempts To Rebound: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY
U.S. Dollar Index Tested The 101.00 Level
U.S. Dollar Index made an attempt to settle above the 101.00 level but lost momentum and pulled back. There are no important economic reports scheduled to be released in the U.S. today, so traders will stay focused on general market sentiment.
In case U.S. Dollar Index pulls back below the 100.50 level, it will head towards the nearest support, which is located in the 99.55 – 99.75 range.
EUR/USD Gains Ground As Consumer Confidence Exceeds Expectations
EUR/USD gained ground as traders reacted to the Euro Area Consumer Confidence report. The report showed that Consumer Confidence improved from -13.4 in August to -12.9 in September, compared to analyst consensus of -13.0.
A move above the 1.1200 level will push EUR/USD towards the next resistance at 1.1260 – 1.1275.
GBP/USD Moves Higher After Strong Retail Sales Report
GBP/USD continues to move higher as traders focus on the better-than-expected Retail Sales report. The report indicated that Retail Sales increased by 1% month-over-month in August, compared to anlayst forecast of +0.4%.
In case GBP/USD climbs above the 1.3350 level, it will head towards the resistance at 1.3420 – 1.3440.
USD/CAD Is Stuck Near The 1.3550 Level
USD/CAD is mostly flat despite the strong rally in gold markets. Other commodity-related currencies are swinging between gains and losses in today’s trading session.
If USD/CAD manages to settle below the 1.3550 level, it will move towards the support at 1.3480 – 1.3500.
USD/JPY Tests New Highs After BoJ Decision
USD/JPY is moving higher as traders focus on the BoJ Interest Rate Decision. Japan’s central bank left the interest rate unchanged, in line with analyst expectations.
USD/JPY has recently made several attempts to settle above the 144.00 level. If USD/JPY settles above 144.00, it will head towards the resistance at 146.00 – 146.50.
For a look at all of today’s economic events, check out our economic calendar.