U.S. Dollar Rebounds On Bessent’s Comments: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY

U.S. Dollar Rebounds As Traders React To Bessent’s Comments

U.S. Dollar Index gains ground as traders react to comments from U.S. Treasury Secretary Scott Bessent. He said that the trade war with China was unsustainable and that he expected the situation to de-escalate.

Currently, U.S. Dollar Index is trying to settle above the resistance at 98.80 – 99.00. In case this attempt is successful, U.S. Dollar Index will move towards the 50 MA at 99.70.

EUR/USD Tests Support At 1.1450 – 1.1470

EUR/USD is losing ground as traders focus on the Euro Area Consumer Confidence report. The report indicated that Consumer Confidence declined from -14.5 in March to -16.7 in April, compared to analyst forecast of -15.

In case EUR/USD settles below the support at 1.1450 – 1.1470, it will head towards the 50 MA at 1.1375.

GBP/USD Faced Strong Resistance Near 1.3400

GBP/USD has recently made another attempt to settle above the resistance at 1.3400 – 1.3420 but lost momentum and pulled back towards the 1.3350 level.

The nearest support for GBP/USD is located in the 1.3300 – 1.3320 range. A move below the 1.3300 level will open the way to the test of the next support at 1.3180 – 1.3200.

USD/CAD Is Losing Ground As Oil Markets Rise

USD/CAD remains stuck near the support at 1.3800 – 1.3820 as traders focus on a rebound in the oil markets.

If USD/CAD settles below the 1.3800 level, it will head towards the next support at 1.3720 – 1.3740.

USD/JPY Rebounds From Multi-Month Lows

USD/JPY is moving higher as traders bet on a rebound from recent lows. RSI is in the moderate territory, so there is plenty of room to gain additional momentum in the near term.

A successful test of the resistance at 141.50 – 142.00 will push USD/JPY towards the next resistance level, which is located in the 143.50 – 144.00 range.

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