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

U.S. Dollar Gains Ground As Durable Goods Orders Beat Expectations

U.S. Dollar Index gains ground as traders react to the Durable Goods Orders report. The report indicated that Durable Goods Orders declined by 0.8% month-over-month in September, compared to analyst forecast of -1%. Today, traders also had a chance to take a look at the final reading of Michigan Consumer Sentiment report. The report showed that Consumer Sentiment increased from 70.1 to 70.5, exceeding analyst expectations.

In case U.S. Dollar Index settles above the 104.30 level, it will move towards the nearest resistance, which is located in the 104.60 – 104.80 range.

EUR/USD Pulls Back Ahead Of The Weekend

EUR/USD is losing ground despite the better-than-expected Ifo Business Climate report from Germany, which showed that Ifo Business Climate improved from 85.4 in September to 86.5 in October.

If EUR/USD manages to settle below the support at 1.0765 – 1.0780, it will move towards the next support level, which is located in the 1.0665 – 1.0680 range.

GBP/USD Is Mostly Flat As Traders Wait For Stronger Catalysts

GBP/USD is mostly flat as traders focus on Gfk Consumer Confidence report, which indicated that Consumer Confidence decreased from -20 in September to -21 in October.

A move above the resistance at 1.3000 – 1.3020 will push GBP/USD towards the next resistance level at 1.3120 – 1.3140.

USD/CAD Tests New Highs As Canada’s Retail Sales Miss Expectations

USD/CAD tests new highs amid falling demand for commodity-related currencies. Canada’s Retail Sales missed analyst expectations, putting additional pressure on the Canadian dollar.

If USD/CAD climbs above the 1.3900 level, it will move towards the resistance at 1.3930 – 1.3950.

USD/JPY Settled Back Above The 152.00 Level

USD/JPY moved above the 152.00 level amid lack of positive catalysts for the Japanese yen.

If USD/JPY stays above 152.00, it will head towards the nearest resistance level at 153.00 – 153.50.

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