U.S. Dollar Moves Higher After NFP Report: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY

U.S. Dollar Gains Ground As Traders Focus On Non Farm Payrolls Data

U.S. Dollar Index gains ground as traders react to the disappointing Non Farm Payrolls report. The report indicated that the U.S. economy added just 12,000 jobs in October, compared to analyst consensus of 113,000. Interestingly, the pullback was quickly bought, and U.S. dollar moved higher against a broad basket of currencies.

If U.S. Dollar Index manages to settle above the 50 MA at 104.19, it will head towards the nearest resistance level, which is located in the 104.60 – 104.80 range.

EUR/USD Pulls Back From Recent Highs

EUR/USD pulled back as traders reacted to the economic reports from the U.S. At this point, the market believes that Fed will be less dovish than ECB, which is bearish for the euro.

In case EUR/USD settles back below the 1.0850 level, it will head towards the 50 MA at 1.0821.

GBP/USD Rebounds After Yesterday’s Sell-Off

GBP/USD gains ground despite the disappointing UK Manufacturing PMI report. The report indicated that UK Manufacturing PMI decreased from 51.5 in September to 49.9 in October, compared to analyst consensus of 50.3.

A move above the 50 MA at 1.2961 will push GBP/USD towards the resistance level at 1.3000 – 1.3020.

USD/CAD Remains Stuck Below 1.3950

USD/CAD is mostly flat as traders wait for stronger catalysts. At this point, it looks that USD/CAD is not able to climb above the 1.3950 level due to profit-taking.

If USD/CAD moves above 1.3950, it will gain additional upside momentum and head towards the resistance at 1.4150 – 1.4170.

USD/JPY Tests Resistance At 153.00 – 153.50

USD/JPY is moving higher as traders bet that BoJ will remain dovish due to the weakness of the Japanese economy.

A successful test of the resistance level at 153.00 – 153.50 will push USD/JPY towards the next resistance level at 155.00 – 155.50.

For a look at all of today’s economic events, check out our economic calendar.