Advertisement
Advertisement
U.S. Dollar Rebounds As JOLTs Job Openings Beat Estimates: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY
By:
Key Points:
- EUR/USD pulled back below 1.1400 as Euro Area Inflation Rate declined to 1.9%.
- USD/CAD failed to settle below the 1.3700 level.
- USD/JPY tested resistance at 143.50 - 144.00 amid rising Treasury yields.
U.S. Dollar Index Settled Back Above The 99.00 Level
U.S. Dollar Index gained ground as traders reacted to the better-than-expected JOLTs Job Openings report. The report indicated that JOLTs Job Openings increased from 7.20 million in March to 7.39 million in April, compared to analyst forecast of 7.10 million.
If U.S. Dollar Index settles back above the 50 MA at 99.32, it will move towards the nearest resistance level, which is located in the 100.20 – 100.40 range.
EUR/USD Moved Lower As Euro Area Inflation Rate Missed Analyst Estimates
EUR/USD pulled back as traders focused on inflation reports from the EU. Inflation Rate decreased from 2.2% in April to 1.9% in May, compared to analyst forecast of 2%.
A move below the 50 MA at 1.1351 will push EUR/USD towards the support level at 1.1275 – 1.1290.
GBP/USD Tested The 1.3500 Level
GBP/USD pulled back towards the 50 MA at 1.3502 after an unsuccessful attempt to settle above the 1.3550 level.
If GBP/USD declines below the 1.3502 level, it will move towards the nearest support at 1.3420 – 1.3440.
USD/CAD Is Flat As Traders Monitor The Dynamics Of Commodity Markets
USD/CAD is mostly flat as traders wait for additional catalysts. Other commodity-related currencies are moving lower in today’s trading session.
If USD/CAD climbs above the 1.3750 level, it will head towards the resistance level at 1.3800 – 1.3820.
USD/JPY Attempts To Settle Above The Resistance Level At 143.50 – 144.00
USD/JPY found support near the 143.00 level and is trying to settle back above the resistance at 143.50 – 144.00. Rising Treasury yields provide additional support to the American currency.
If USD/JPY manages to settle above 144.00, it will head towards the 146.00 level. A move above this level will open the way to the test of the resistance at 147.50 – 148.00. RSI is in the moderate territory, and there is plenty of room to gain additional upside momentum in the near term.
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