U.S. Dollar Pulls Back As Michigan Consumer Sentiment Misses Estimates: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY

U.S. Dollar Is Losing Ground Ahead Of The Weekend

U.S. Dollar Index is losing ground as traders react to the weaker-than-expected Michigan Consumer Sentiment report. The report showed that Consumer Sentiment decreased from 64.7 in February to 57.9 in March, compared to analyst forecast of 63.1.

A move below the support at 103.20 – 103.40 will open the way to the test of the next support level at 102.00 – 102.20.

EUR/USD Made An Attempt To Settle Above 1.0900

EUR/USD is moving higher as traders react to Wholesale Prices report from Germany. The report showed that Wholesale Prices increased by +0.6% month-over-month in February, compared to analyst forecast of +0.2%.

A successful test of the resistance at 1.0920 – 1.0935 will push EUR/USD towards the next resistance level at 1.1030 – 1.1050.

GBP/USD Retreats As Traders Focus On UK GDP Data

GBP/USD is losing ground after disappointing GDP report from the UK. GDP declined by -0.1% month-over-month in January, compared to analyst forecast of +0.1%.

If GBP/USD settles below the 50 MA at 1.2900, it will move towards the support level at 1.2810 – 1.2830.

USD/CAD Is Losing Ground As Demand For Commodity-Related Currencies Increased

USD/CAD is moving lower amid rising demand for commodity-related currencies.

The nearest support level for USD/CAD is located in the 1.4330 – 1.4350 range. In case USD/CAD settles below the 1.4330 level, it will head towards the next support level at 1.4180 – 1.4200.

USD/JPY Gained Some Ground Amid Rising Treasury Yields

USD/JPY gained some ground as Treasury yields continued to move away from March lows. Rising Treasury yields are bullish for USD/JPY as Japan’s yields stay at low levels.

The nearest resistance level for USD/JPY is located in the 149.00 – 149.50 range. If USD/JPY climbs above the 149.50 level, it will head towards the next resistance level at 152.00 – 152.50. RSI is in the moderate territory, and there is plenty of room to gain momentum in case the right catalysts emerge.

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