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

U.S. Dollar Is Flat As Traders Focus On Economic Reports

U.S. Dollar Index remains stuck near the resistance at 100.80 – 101.00 as traders react to the final reading of the GDP Growth Rate report. The report showed that GDP Growth Rate was 3% in the second quarter, in line with analyst consensus. Durable Goods Orders remained unchanged in August, while Initial Jobless Claims declined from 222,000 to 218,000. From a big picture point of view, traders are waiting for stronger catalysts.

If U.S. Dollar Index manages to settle above the 101.00 level, it will move towards the next resistance level at 102.00 – 102.20.

EUR/USD Tested Resistance At 1.1185 – 1.1200

EUR/USD rebounds as traders focus on the better-than-expected GfK Consumer Confidence report from Germany. The report showed that Consumer Confidence improved from -21.9 in September to -21.2 in October, compared to analyst consensus of -21.5.

EUR/USD has settled between the support at 1.1115 – 1.1130 and the resistance at 1.1185 – 1.1200. RSI is in the moderate territory, so there is plenty of room to gain additional momentum in the near term.

GBP/USD Is Heading Towards Yearly Highs

GBP/USD tests resistance at 1.3420 – 1.3440 as traders stay bullish despite rising Treasury yields.

From the technical point of view, GBP/USD needs to settle above the 1.3440 level to gain additional momentum and move towards the 1.3500 level.

USD/CAD Is Losing Ground As Precious Metals Rally

USD/CAD is losing some ground as traders focus on the strong performance of precious metals markets. The pullback in the oil markets did not put pressure on the Canadian dollar.

In case USD/CAD declines below the 1.3450 level, it will head towards the nearest support, which is located in the 1.3360 – 1.3380 range.

USD/JPY Tests The 145.00 Level

USD/JPY managed to get out of the downward channel and continues its attempts to settle above the 145.00 level.

In case USD/JPY fails to climb above 145.00, it will move back towards the nearest support level at 141.80 – 142.50.

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