EUR/USD, GBP/USD, USD/CAD, USD/JPY Forecasts – U.S. Dollar Gains Ground As Traders Focus On JOLTs Report

U.S. Dollar

U.S. Dollar Index gains some ground as traders react to the JOLTs Job Openings report for April. The report indicated that JOLTs Job Openings decreased from 8.49 million to 8.06 million, compared to analyst consensus of 8.34 million. Factory Orders increased by 0.7% month-over-month in April, while analysts expected that they would grow by 0.6%. Treasury yields pulled back as bond traders bet on a less hawkish Fed, but this move did not put pressure on the American currency.

The nearest resistance level for the U.S. Dollar Index is located in the 104.40 – 104.60 range. A move above 104.60 will push U.S. Dollar Index towards the 105.00 level.

EUR/USD

EUR/USD pulls back as traders focus on Germany’s job market data. Unemployment Rate remained unchanged at 5.9% in May, in line with analyst consensus.

In case EUR/USD settles back above the 1.0885 level, it will move towards the next resistance level, which is located in the 1.0935 – 1.0950 range.

GBP/USD

GBP/USD pulled back as traders took some profits off the table after the recent move.

If GBP/USD moves above the 1.2800 level, it will gain additional upside momentum and head towards the resistance at 1.2875 – 1.2900.

USD/CAD

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

In case USD/CAD manages to settle above the 1.3700 level, it will head towards the resistance at 1.3785 – 1.3800.

USD/JPY

USD/JPY tests new lows as traders focus on the pullback in Treasury yields.

Currently, USD/JPY is testing the support at 154.50 – 155.00. In case this test is successful, USD/JPY will move towards the next support level at 151.50 – 152.00. Traders should note that RSI is in the oversold territory, so the risks of a rebound are increasing.

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