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U.S. Dollar Gains Ground As Michigan Consumer Sentiment Beats Estimates: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY
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Key Points:
- EUR/USD rebounded from session lows as traders reacted to U.S. economic data.
- USD/CAD is mostly flat as traders ignore the strong pullback in precious metals markets.
- USD/JPY attempts to settle above the resistance level at 143.50 - 144.00.
U.S. Dollar Moved Higher Ahead Of The Weekend
U.S. Dollar Index gained some ground as traders reacted to the better-than-expected Michigan Consumer Sentiment report. The report showed that Consumer Sentiment decreased from 57.0 in March to 52.2 in April, compared to analyst forecast of 50.8.
In case U.S. Dollar Index settles back below the 99.50 level, it will move towards the nearest support, which is located in the 98.80 – 99.00 range.
EUR/USD Rebounded From Session Lows
EUR/USD rebounded from session lows as traders reacted to U.S. Consumer Sentiment report and focused on the U.S. – China trade war.
If EUR/USD climbs above the 50 MA at 1.1392, it will head towards the resistance at 1.1450 – 1.1470. A move above the 1.1470 level will open the way to the test of the resistance at 1.1550 – 1.1570.
GBP/USD Remained Stuck Near The Support At 1.3300 – 1.3320
GBP/USD is mostly flat as traders focus on the better-than-expected Retail Sales report from the UK. The report indicated that Retail Sales increased by +0.4% month-over-month in March, compared to analyst consensus of -0.4%.
In case GBP/USD settles above the 1.3320 level, it will move towards the nearest resistance level at 1.3400 – 1.3420.
USD/CAD Tests The 50 MA At 1.3859
USD/CAD attempts to settle below the 1.3850 level despite the strong pullback in precious metals markets. Other commodity-related currencies are moving lower in today’s trading session.
A move below the 1.3850 level will push USD/CAD towards the support at 1.3800 – 1.3820.
USD/JPY Attempts To Climb Above The 144.00 Level
USD/JPY gains ground as the rebound continues despite the pullback in Treasury yields.
Currently, USD/JPY is trying to settle above the resistance at 143.50 – 144.00. In case this attempt is successful, USD/JPY will move towards the next resistance at 146.00 – 146.50.
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.
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