U.S. Dollar Is Flat As Traders React To New Home Sales Data: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY

U.S. Dollar Pulled Back From Session Highs As New Home Sales Missed Estimates

U.S. Dollar Index is mostly flat as traders react to the New Home Sales report for January. The report indicated that New Home Sales declined by -10.5% on a month-over-month basis, compared to analyst forecast of -2.6%.

In case U.S. Dollar Index pulls back below the 106.15 level, it will head towards the next support level, which is located in the 105.50 – 105.70 range.

EUR/USD Continues Its Attempts To Settle Above The 1.0530 Level

EUR/USD remains stuck near the resistance level at 1.0515 – 1.0530 as traders focus on GfK Consumer Confidence report from Germany. The report showed that Consumer Confidence improved from -22.6 in February to -24.7 in March, compared to analyst forecast of -21.4.

A successful test of the resistance at 1.0515 – 1.0530 will push EUR/USD towards the next resistance level at 1.0585 – 1.0600.

GBP/USD Tests New Highs

GBP/USD climbed above the 1.2650 level and is trying to settle above the 1.2700 level.

The nearest significant resistance level for GBP/USD is located in the 1.2715 – 1.2730 range. A move above 1.2730 will open the way to the test of the next resistance at 1.2800 – 1.2815.

USD/CAD Gains Ground Amid Falling Demand For Commodity-Related Currencies

USD/CAD continues to move higher as demand for commodity-related currencies declines.

If USD/CAD manages to settle above the 1.4350 level, it will gain additional upside momentum and move towards the next resistance at 1.4485 – 1.4500.

USD/JPY Is Stuck Near The 149.00 Level As Traders Focus On BoJ Policy Outlook

USD/JPY continues its attempts to settle below the support at 149.00 – 149.50 as traders bet that BoJ may be more hawkish than previously expected due to inflation in Japan.

If USD/JPY settles below the 149.00 level, it will head towards the next support at 146.50 – 147.00.

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