Advertisement
Advertisement
U.S. Dollar Pulls Back As Michigan Consumer Sentiment Misses Estimates: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY
By:
Key Points:
- EUR/USD gained ground as Germany's Wholesale Prices beat analyst expectations.
- GBP/USD pulled back as traders reacted to the weak UK GDP report.
- USD/CAD moved lower as demand for commodity-related currencies increased.
U.S. Dollar Is Losing Ground Ahead Of The Weekend
U.S. Dollar Index is losing ground as traders react to the weaker-than-expected Michigan Consumer Sentiment report. The report showed that Consumer Sentiment decreased from 64.7 in February to 57.9 in March, compared to analyst forecast of 63.1.
A move below the support at 103.20 – 103.40 will open the way to the test of the next support level at 102.00 – 102.20.
EUR/USD Made An Attempt To Settle Above 1.0900
EUR/USD is moving higher as traders react to Wholesale Prices report from Germany. The report showed that Wholesale Prices increased by +0.6% month-over-month in February, compared to analyst forecast of +0.2%.
A successful test of the resistance at 1.0920 – 1.0935 will push EUR/USD towards the next resistance level at 1.1030 – 1.1050.
GBP/USD Retreats As Traders Focus On UK GDP Data
GBP/USD is losing ground after disappointing GDP report from the UK. GDP declined by -0.1% month-over-month in January, compared to analyst forecast of +0.1%.
If GBP/USD settles below the 50 MA at 1.2900, it will move towards the support level at 1.2810 – 1.2830.
USD/CAD Is Losing Ground As Demand For Commodity-Related Currencies Increased
USD/CAD is moving lower amid rising demand for commodity-related currencies.
The nearest support level for USD/CAD is located in the 1.4330 – 1.4350 range. In case USD/CAD settles below the 1.4330 level, it will head towards the next support level at 1.4180 – 1.4200.
USD/JPY Gained Some Ground Amid Rising Treasury Yields
USD/JPY gained some ground as Treasury yields continued to move away from March lows. Rising Treasury yields are bullish for USD/JPY as Japan’s yields stay at low levels.
The nearest resistance level for USD/JPY is located in the 149.00 – 149.50 range. If USD/JPY climbs above the 149.50 level, it will head towards the next resistance level at 152.00 – 152.50. RSI is in the moderate territory, and there is plenty of room to gain momentum in case the right catalysts emerge.
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.
Did you find this article useful?
Latest news and analysis
Advertisement