U.S. Dollar Is Flat: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY

By:

Vladimir Zernov

Published: Sep 26, 2024, 16:40 GMT+00:00

Key Points:

EUR/USD moved higher, supported by the better-than-expected GfK Consumer Confidence report.
GBP/USD is trying to settle above the resistance at 1.3420 - 1.3440.
USD/CAD made an attempt to climb above 1.3500 but lost momentum and pulled back.

U.S. Dollar Is Flat As Traders Focus On Economic Reports

DXY 260924 4h Chart

U.S. Dollar Index remains stuck near the resistance at 100.80 – 101.00 as traders react to the final reading of the GDP Growth Rate report. The report showed that GDP Growth Rate was 3% in the second quarter, in line with analyst consensus. Durable Goods Orders remained unchanged in August, while Initial Jobless Claims declined from 222,000 to 218,000. From a big picture point of view, traders are waiting for stronger catalysts.

If U.S. Dollar Index manages to settle above the 101.00 level, it will move towards the next resistance level at 102.00 – 102.20.

EUR/USD Tested Resistance At 1.1185 – 1.1200

EUR/USD 260924 4h Chart

EUR/USD rebounds as traders focus on the better-than-expected GfK Consumer Confidence report from Germany. The report showed that Consumer Confidence improved from -21.9 in September to -21.2 in October, compared to analyst consensus of -21.5.

EUR/USD has settled between the support at 1.1115 – 1.1130 and the resistance at 1.1185 – 1.1200. RSI is in the moderate territory, so there is plenty of room to gain additional momentum in the near term.

GBP/USD Is Heading Towards Yearly Highs

GBP/USD 260924 4h Chart

GBP/USD tests resistance at 1.3420 – 1.3440 as traders stay bullish despite rising Treasury yields.

From the technical point of view, GBP/USD needs to settle above the 1.3440 level to gain additional momentum and move towards the 1.3500 level.

USD/CAD Is Losing Ground As Precious Metals Rally

USD/CAD 260924 4h Chart

USD/CAD is losing some ground as traders focus on the strong performance of precious metals markets. The pullback in the oil markets did not put pressure on the Canadian dollar.

In case USD/CAD declines below the 1.3450 level, it will head towards the nearest support, which is located in the 1.3360 – 1.3380 range.

USD/JPY Tests The 145.00 Level

USD/JPY 260924 4h Chart

USD/JPY managed to get out of the downward channel and continues its attempts to settle above the 145.00 level.

In case USD/JPY fails to climb above 145.00, it will move back towards the nearest support level at 141.80 – 142.50.

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.