EUR/USD, GBP/USD, USD/CAD, USD/JPY Forecasts – U.S. Dollar Is Mostly Flat At The Start Of The Week

Vladimir Zernov
Published: Apr 22, 2024, 16:25 GMT+00:00

Key Points:

  • EUR/USD settled near 1.0650 as traders reacted to the Euro Area Consumer Confidence report.
  • GBP/USD attempts to rebound from multi-month lows.
  • USD/JPY is slowly moving towards the key 155.00 level.

In this article:

U.S. Dollar

DXY 220424 4h Chart

U.S. Dollar Index is mostly flat as traders react to Chicago Fed National Activity Index report, which indicated that Chicago Fed National Activity Index improved from 0.09 in February to 0.15 in March.

In case U.S. Dollar Index climbs above the 106.50 level, it will head towards the next resistance at 107.10 – 107.35.


EUR/USD 220424 4h Chart

EUR/USD settled near the 1.0650 level after the release of the Euro Area Consumer Confidence report, which showed that Consumer Confidence improved from -14.9 in March to -14.7 in April. Analysts expected that Consumer Confidence would increase to -14.0, so the report missed expectations.

If EUR/USD climbs above the 50 MA at 1.0665, it will move towards the resistance at 1.0700 – 1.0720.


GBP/USD 220424 4h Chart

GBP/USD is trying to rebound from multi-month lows as traders take some profits off the table after the strong pullback.

If GBP/USD settles back above the 1.2310 – 1.2335 level, it will head towards the resistance at 1.2425 – 1.2450.


USD/CAD 220424 4h Chart

USD/CAD is losing ground despite the strong pullback in precious metals markets. Other commodity-related currencies are also moving higher in today’s trading session.

A move below the 1.3700 level will open the way to the test of the support at 1.3600 – 1.3620.


USD/JPY 220424 4h Chart

USD/JPY remains stuck near the key 155.00 level. USD/JPY bulls are worried that BoJ may intervene in case USD/JPY attempts to climb above 155.00. However, traders are not ready to buy the Japanese yen due to the ultra-dovish policy of the BoJ.

Treasury yields are moving lower, but this move does not put any pressure on USD/JPY. In case USD/JPY settles above 155.00, it may gain significant upside momentum. RSI remains in the moderate territory, so there is plenty of room to gain momentum in case the right catalysts emerge.

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

About the Author

Vladimir is an independent trader and analyst with over 10 years of experience in the financial markets. He is a specialist in stocks, futures, Forex, indices, and commodities areas using long-term positional trading and swing trading.

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