U.S. Dollar Moves Lower: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY

U.S. Dollar Is Losing Ground

U.S. Dollar Index is losing some ground as traders react to the Dallas Fed Manufacturing Index report, which indicated that Dallas Fed Manufacturing Index improved from -9.0 in September to -3.0 in October.

If U.S. Dollar Index pulls back below the 50 MA at 103.96, it will head towards the nearest support level, which is located in the 103.40 – 103.60 range.

EUR/USD Is Moving Higher At The Start Of The Week

EUR/USD continues its attempts to rebound from the support level at 1.0765 – 1.0780.

Currently, EUR/USD is trying to settle above the 50 MA at 1.0823. If this attempt is successful, EUR/USD will head towards the nearest resistance level at 1.0900 – 1.0915.

GBP/USD Is Stuck Below The Resistance at 1.3000 – 1.3020

GBP/USD remains stuck below the strong resistance level at 1.3000 – 1.3020 as traders wait for additional catalysts.

A move above the 1.3020 level will push GBP/USD towards the next resistance level at 1.3120 – 1.3140. RSI is in the moderate territory, so there is plenty of room to gain momentum in case the right catalysts emerge.

USD/CAD Tests New Highs Amid Sell-Off In The Oil Markets

USD/CAD tests new highs as traders bet that BoC will be more dovish than Fed. The strong sell-off in the oil markets put additional pressure on the Canadian dollar.

In case USD/CAD climbs above the 1.3900 level, it will get to the test of the resistance at 1.3930 – 1.3950.

USD/JPY Gains Ground Amid Political Uncertainty In Japan

USD/JPY gains ground as traders react to the results of Japan’s elections, in which no party received a clear majority. Traders prepare for a period of political uncertainty and sell the yen.

Currently, USD/JPY continues its attempts to settle above the resistance at 153.00 – 153.50. A move above 153.50 will push USD/JPY towards the resistance at 155.00 – 155.50.

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