U.S. Dollar Tests Yearly Highs: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY

U.S. Dollar Tests New Highs As Rally Continues

U.S. Dollar Index gains ground as traders react to the Initial Jobless Claims report, which indicated that 213,000 Americans filed for unemployment benefits in a week. The report showed that the job market remained in decent shape, which was bullish for the American currency.

Currently, U.S. Dollar Index is trying to settle above the resistance at 107.10 – 107.30. In case this attempt is successful, U.S. Dollar Index will move towards the next resistance level at 108.70 – 108.90.

EUR/USD Tests New Lows As Traders React To Consumer Confidence Data

EUR/USD is losing ground as traders focus on the weak Euro Area Consumer Confidence report. The report showed that Consumer Confidence declined from-12.5 in October to -13.7 in November, compared to analyst forecast of -12.4.

From the technical point of view, EUR/USD settled below the support at 1.0525 – 1.0540 and is moving towards the next support level at 1.0435 – 1.0450.

GBP/USD Remains Under Pressure

GBP/USD tests new lows as traders stay focused on general strength of the U.S. dollar.

A successful test of the support at 1.2575 – 1.2590 will push GBP/USD towards the next support level, which is located in the 1.2510 – 1.2525 range.

USD/CAD Tested Support At 1.3930 – 1.3950

USD/CAD made an attempt to settle below the support at 1.3930 – 1.3950 but did not manage to develop sufficient downside momentum.

In case USD/CAD climbs back above the 50 MA at 1.3995, it will head towards the resistance level at 1.4100 – 1.4120.

USD/JPY Pulled Back As Traders Focused On Japan’s Government Bond Yields

USD/JPY pulled back as the yield of Japan’s 10-year government bonds tested multi-month highs.

The technical picture remains unchanged as USD/JPY is stuck between the support at 153.00 – 153.50 and the resistance at 155.00 – 155.50.

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