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

U.S. Dollar Is Under Pressure

U.S. Dollar Index is losing ground as traders react to imports/exports data. Exports remained unchanged at $278.5 billion in March, while imports increased from $401.1 billion to $419 billion.

In case U.S. Dollar Index settles below the 99.50 level, it will move towards the nearest support at 98.80 – 99.00.

EUR/USD Attempts To Settle Above The 50 MA

EUR/USD gains ground as traders prepare for Fed Interest Rate Decision, which will be released tomorrow.

If EUR/USD settles above the 50 MA at 1.1346, it will head towards the resistance level at 1.1450 – 1.1470.

GBP/USD Tested Resistance At 1.3400 – 1.3420

GBP/USD made an attempt to settle above the resistance level at 1.3400 – 1.3420 but lost momentum and pulled back.

The nearest support for GBP/USD is located in the 1.3300 – 1.3320 range. A successful test of this level will push GBP/USD towards the next support at 1.3200 – 1.3220.

USD/CAD Is Moving Lower As Commodity Markets Rally

USD/CAD is moving lower as traders focus on the strong rally in precious metals markets. Rising oil markets provide additional support to the Canadian dollar.

A move below the 1.3750 level will push USD/CAD towards the next support level at 1.3700 – 1.3720.

USD/JPY Pulled Back Below 143.00

USD/JPY remains under pressure as traders stay bearish ahead of the Fed Interest Rate Decision. Analysts expect that Fed will leave the interest rate unchanged at 4.5%. As usual, the market will be extremely sensitive to Powell’s comments.

Currently, USD/JPY is moving towards the support level at 141.50 – 142.00. If USD/JPY declines below 141.50, it will head towards the next support at 139.50- 140.00. RSI is in the moderate territory, and there is enough room to gain momentum in the near term.

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