Advertisement
Advertisement
U.S. Dollar Is Under Pressure: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY
By:
Key Points:
- EUR/USD tested new highs as traders reacted to U.S. economic reports.
- GBP/USD remained stuck near the resistance at 1.3730 - 1.3750.
- USD/CAD gained ground as traders focused on the pullback in precious metals markets.
U.S. Dollar Remains Under Pressure As Traders Focus On Economic Data
U.S. Dollar Index is losing ground despite the higher-than-expected Core PCE Price Index report. The report indicated that Core PCE Price Index increased by +0.2% month-over-month in May, compared to analyst forecast of +0.1%. Weaker-than-expected Personal Income and Personal Spending reports put pressure on the American currency.
If U.S. Dollar Index declines below the nearest support level at 96.70 – 96.90, it will head towards the next support at 95.40 – 95.60.
EUR/USD Tested New Highs
EUR/USD gained some ground as traders ignored the weaker-than-expected Euro Area Economic Sentiment report. The report showed that Economic Sentiment decreased from 94.8 in May to 94.0 in June, compared to analyst forecast of 95.1.
In case EUR/USD settles above the 1.1750 level, it will move towards the resistance at 1.1785 – 1.1800. RSI is in the moderate territory, and there is plenty of room to gain additional upside momentum in the near term.
GBP/USD Attempts To Settle Above 1.3750
GBP/USD continues its attempts to settle above the strong resistance level at 1.3730 – 1.3750.
If GBP/USD fails to settle above the 1.3750, it will gain downside momentum and move towards the support level at 1.3620 – 1.3640.
USD/CAD Rebounds As Precious Metals Markets Suffer A Sell-Off
USD/CAD is moving higher as traders react to the strong pullback in precious metals markets. Other commodity-related currencies are swinging between gains and losses in today’s trading session.
A move above the 1.3665 level will push USD/CAD towards the 50 MA at 1.3698. In case USD/CAD climbs above the 50 MA, it will head towards the resistance at 1.3725 – 1.3740.
USD/JPY Gained Some Ground Ahead Of The Weekend
USD/JPY made an attempt to gain upside momentum as Treasury yields moved away from recent lows.
In case USD/JPY manages to settle above the 50 MA at 145.25, it will move towards the 146.00 level.
For a look at all of today’s economic events, check out our economic calendar.
About the Author
Vladimir Zernovauthor
In more than 15 years of trading in the financial markets, Vladimir dealt with a wide range of brokers and financial instruments. His career as a day-trader at a proprietary trading firm goes back to 2007. Later, Vladimir turned to longer time frames and became an independent trader and analyst managing his own portfolio. Using his experience, he helps traders find the best broker in his reviews.
Advertisement