U.S. Dollar Moves Away From Multi-Month Highs: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY

U.S. Dollar Retreats After GDP Report

U.S. Dollar Index pulls back as traders react to the GDP Growth Rate report. The report showed that GDP Growth Rate was 2.8% in the third quarter, compared to analyst consensus of 3%.

In case U.S. Dollar Index settles below the 50 MA at 104.13, it will head towards the nearest support level, which is located in the 103.40 – 103.60 range.

EUR/USD Rebounds From Recent Lows

EUR/USD gains ground as traders focus on the better-than-expected GDP Growth Rate report from the EU. The report showed that GDP Growth Rate was 0.9% in the third quarter, compared to analyst forecast of +0.8%.

If EUR/USD manages to settle above the 1.0850 level, it will head towards the resistance at 1.0900 – 1.0915. RSI is in the moderate territory, and there is plenty of room to gain additional upside momentum in the near term.

GBP/USD Remains Stuck Below 1.3000

GBP/USD is swinging between gains and losses as traders focus on UK Autumn Budget and try to evaluate the future path of rate cuts in the UK.

A move above the resistance level at 1.3000 – 1.3020 will provide GBP/USD with an opportunity to gain upside momentum. In this scenario, GBP/USD will head towards the next resistance level at 1.3120 – 1.3140.

USD/CAD Tests New Highs

USD/CAD tests resistance at 1.3930 – 1.3950 as traders stay bullish. The rebound in the oil markets did not provide support to the Canadian dollar.

If USD/CAD manages to settle above the 1.3950 level, it will head towards the next significant resistance level, which is located in the 1.4150 – 1.4170 range.

USD/JPY Is Mostly Flat Amid Profit-Taking

USD/JPY continues its attempts to settle above the resistance at 153.00 – 153.50 as traders focus on rising Treasury yields. The yield of 2-year Treasuries moved back towards the 4.15% level, while the yield of 10-year Treasuries settled above 4.26%.

A move above the 153.50 level will push USD/JPY towards the next resistance at 155.00 – 155.50.

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