U.S. Dollar Gains Ground As Treasury Yields Rebound: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY

U.S. Dollar Tests Resistance At 103.20 – 103.40

U.S. Dollar Index gains ground as traders focus on recent developments in trade wars. Donald Trump threatened to impose an additional 50% tariff on China if the country did not withdraw its 34% tariff on U.S. goods.

In case U.S. Dollar Index manages to settle above the resistance at 103.20 – 103.40, it will move towards the next resistance level, which is located in the 104.50 – 104.65 range.

EUR/USD Pulls Back As Traders React To Retail Sales Data From The EU

EUR/USD pulls back as traders react to the disappointing Euro Area Retail Sales report. The report showed that Retail Sales increased by +0.3% month-over-month in February, compared to analyst forecast of +0.5%.

If EUR/USD settles below the support at 1.0920 – 1.0935, it will head towards the 50 MA at 1.0867.

GBP/USD Is Under Strong Pressure

GBP/USD tests new lows as traders react to tariff developments. Currently, GBP/USD is moving towards the support level at 1.2680 – 1.2700.

In case GBP/USD manages to settle below the 1.2680 level, it will head towards the next support level, which is located in the 1.2560 – 1.2580 range. RSI is in the oversold territory, so the risks of a rebound are increasing.

USD/CAD Is Flat Despite Weakness In Commodity Markets

USD/CAD is mostly flat despite the continuation of the sell-off in the oil markets. Other commodity-related currencies are losing ground in today’s trading session.

If USD/CAD climbs above the 50 MA at 1.4268, it will move towards the resistance level at 1.4380 – 1.4400.

USD/JPY Gains Ground As Treasury Yields Rise

USD/JPY is moving higher as traders focus on rising Treasury yields. The yield of 2-year Treasuries climbed above the 3.70% level, while the yield of 10-year Treasuries settled near 4.15%.

A move above the 148.00 level will push USD/JPY towards the nearest resistance at 149.00 – 149.50.

For a look at all of today’s economic events, check out our economic calendar.