U.S. Dollar Is Flat Ahead Of The Weekend: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY

U.S. Dollar Faced Resistance In The 107.10 – 107.30 Range

U.S. Dollar Index is mostly flat despite rising Treasury yields. The yield of 2-year Treasuries moved above the 4.22% level, while the yield of 10-year Treasuries climbed above 4.37%.

The nearest resistance level for U.S. Dollar Index is located in the 107.10 – 107.30 range. A move above the 107.30 level will push U.S. Dollar Index towards the next resistance level, which is located in the 108.30 – 108.50 range.

EUR/USD Moved Higher As Euro Area Industrial Production Report Beat Estimates

EUR/USD gains ground as traders focus on the Euro Area Industrial Production report. The report showed that Industrial Production remained unchanged in October, compared to analyst consensus of -0.1%. As Europe’s manufacturing sector remains under strong pressure, the better-than-expected report provided support to the euro.

A move above the resistance at 1.0525 – 1.0540 will push EUR/USD towards the next resistance level at 1.0620 – 1.0640.

GBP/USD Pulled Back As UK GDP Missed Expectations

GBP/USD is moving lower as UK GDP report missed analyst expectations. The report showed that UK GDP declined by 0.1% month-over-month in October, compared to analyst forecast of +0.1%.

A move below the 1.2600 level will lead to the test of the nearest support level, which is located in the 1.2575 – 1.2590 range. RSI remains in the moderate territory, and there is enough room to gain additional downside momentum in the near term.

USD/CAD Gains Ground As Precious Metals Pull Back

USD/CAD is moving higher as traders focus on the continuation of the pullback in precious metals markets.

If USD/CAD climbs above the 1.4250 level, it will head towards the next resistance level, which is located in the 1.4330 – 1.4350 range.

USD/JPY Tests New Highs As Treasury Yields Rise

USD/JPY tests resistance at 153.00 – 153.50 as traders focus on rising Treasury yields.

In case this test is successful, USD/JPY will gain additional upside momentum and move towards the next resistance level at 156.00 – 156.50.

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