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

U.S. Dollar Rebounds After Yesterday’s Pullback

U.S. Dollar Index rebounds as traders react to the New Home Sales report. The report showed that New Home Sales declined by 4.7% month-over-month in August, compared to analyst consensus of -5.1%.

Currently, U.S. Dollar index is trying to settle above the resistance at 100.80 – 101.00. In case this attempt is successful, it will move towards the next resistance level at 102.00 – 102.20.

EUR/USD Retreats After An Unsuccessful Test Of Resistance At 1.1185 – 1.1200

EUR/USD is losing ground after an unsuccessful attempt to settle above the 1.1200 level. RSI is in the moderate territory, so there is plenty of room to gain additional downside momentum in case the right catalysts emerge.

If EUR/USD settles below the support at 1.1115 – 1.1130, it will head towards the next support level, which is located in the 1.1000 – 1.1015 range.

GBP/USD Is Losing Ground Amid Profit-Taking

GBP/USD is moving lower as traders take some profits off the table after the strong rally.

If GBP/USD declines below the 1.3300 level, it will head towards the nearest significant support level at 1.3245 – 1.3265.

USD/CAD Gains Ground As Demand For Commodity-Related Currencies Declines

USD/CAD rebounds as traders focus on the pullback in commodity markets. Other commodity-related currencies have also found themselves under material pressure in today’s trading session.

A move above the resistance at 1.3480 – 1.3500 will push USD/CAD towards the 50 MA at 1.3550.

USD/JPY Is Heading Towards 145.00 As Treasury Yields Rise

USD/JPY climbed above the 144.00 level and is trying to move out of the previous downward channel as traders focus on rising Treasury yields. The yield of 10-year Treasuries climbed above the 3.75% level, providing additional support to USD/JPY.

A move above the 145.00 level will push USD/JPY towards the nearest resistance at 146.00 – 146.50.

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