U.S. Dollar Gains Ground As Durable Goods Orders Beat Estimates: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY

U.S. Dollar Tests Resistance At 104.30 – 104.50

U.S. Dollar Index is trying to settle above the resistance at 104.30 – 104.50 as traders react to Durable Goods Orders report. The report showed that Durable Goods Orders increased by 0.9% month-over-month in February, compared to analyst forecast of -1%.

If U.S. Dollar Index climbs above the 104.50 level, it will move towards the resistance level at 105.50 – 105.70.

EUR/USD Is Stuck Near Support At 1.0760 – 1.0775

EUR/USD continues its attempts to settle below the nearest support at 1.0760 – 1.0775 as traders wait for additional catalysts.

A move below the 1.0760 level will push EUR/USD towards the next support at 1.0630 – 1.0650.

GBP/USD Pulls Back As Traders React To Inflation Data

GBP/USD pulls back as traders react to inflation data from the UK. Inflation Rate declined from 3% in January to 2.8% in February, compared to analyst forecast of 2.9%. Core Inflation Rate decreased from 3.7% to 3.5%.

In case GBP/USD settles below the 1.2900 level, it will head towards the nearest support level, which is located in the 1.2810 – 1.2830 range.

USD/CAD Is Mostly Flat As Traders Wait For Catalysts

USD/CAD was mostly flat despite rising oil markets. Other commodity-related currencies were mixed in today’s trading session.

If USD/CAD settles back above the 1.4280 level, it will move towards the nearest resistance at 1.4330 – 1.4350.

USD/JPY Gains Ground As Treasury Yields Rise

USD/JPY gains ground as traders focus on rising Treasury yields. The yield of 2-year Treasuries settled above the 4.00% level, while the yield of 10-year Treasuries tested the 4.35% level.

From the technical point of view, USD/JPY managed to settle above the support level at 149.00 – 149.50 and continues to move higher. If USD/JPY manages to settle above the 151.00 level, it will head towards the resistance at 152.00 – 152.50. RSI is in the moderate territory, and there is plenty of room to gain momentum in the near term.

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