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U.S. Dollar Index is moving away from recent lows as traders take some profits off the table after the recent pullback. The better-than-expected Michigan Consumer Sentiment report provided additional support to the American currency.
U.S. Dollar Index failed to settle below the 102 level, which is not surprising as RSI was in the oversold territory. The nearest support level was not breached, so the U.S. Dollar Index has a chance to gain upside momentum in the upcoming trading sessions.
EUR/USD pulled back amid profit-taking. Treasury yields moved higher, providing additional support to the U.S. dollar.
EUR/USD failed to settle above the nearest resistance level, so it needs to climb back above 1.0950 to have a chance to gain upside momentum.
GBP/USD
GBP/USD continues to move higher at a robust pace as the current upside trend stays strong.
RSI is in the overbought territory, and the nearest support level is close to 1.2650, so the risks of a pullback are increasing.
USD/CAD
USD/CAD moved below the key support level and tested new lows as oil markets gained more ground.
RSI is close to the oversold territory, but USD/CAD has a good chance to develop additional downside momentum after the successful test of the important support area near the 1.3250 level.
USD/JPY
USD/JPY tested new highs as traders reacted to the BoJ Interest Rate decision. The bank left the interest rates unchanged and remained committed to its ultra-dovish policy.
From the technical point of view, USD/JPY managed to get out of the recent trading range and tested new highs, so it is ready to continue the previous upside trend.
For a look at all of today’s economic events, check out our economic calendar.
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