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EUR/USD, GBP/USD, USD/CAD, USD/JPY Forecasts – U.S. Dollar Pulls Back As Traders Take Profits Ahead Of The Weekend

By:
Vladimir Zernov
Published: Apr 19, 2024, 16:13 GMT+00:00

Key Points:

  • EUR/USD settled above 1.0650 as Germany's PPI report exceeded analyst expectations.
  • GBP/USD moved lower as UK Retail Sales report missed analyst forecasts.
  • USD/JPY remained stuck near the key resistance at 154.50 - 155.00 after Japan's Core Inflation Rate declined to 2.6%.
EUR/USD, GBP/USD, USD/CAD, USD/JPY Forecasts

In this article:

U.S. Dollar

DXY
DXY 190424 4h Chart

U.S. Dollar Index pulls back as traders take some profits off the table ahead of the weekend. Treasury yields moved lower, which was bearish for the American currency.

In case U.S. Dollar Index pulls back below the support at 105.75 – 106.00, it will head towards the next support level, which is located in the 104.40 – 104.60 range.

EUR/USD

EUR/USD
EUR/USD 190424 4h Chart

EUR/USD gained some ground as traders focused on Germany’s Producer Prices report. The report indicated that PPI increased by 0.2% month-over-month in March, compared to analyst consensus of 0%.

In case EUR/USD manages to stay above the 1.0650 level, it will head towards the nearest resistance at 1.0700 – 1.0720.

GBP/USD

GBP/USD
GBP/USD 190424 4h Chart

GBP/USD is trying to settle below the 1.2400 level as traders react to the Retail Sales data from the UK. The report indicated that Retail Sales were unchanged in March, compared to analyst consensus of +0.3%.

A move below the 1.2400 level will open the way to the test of the next support at 1.2310 – 1.2335.

USD/CAD

USD/CAD
USD/CAD 190424 4h Chart

USD/CAD is losing ground as traders focus on rising commodity markets. Other commodity-related currencies are mixed in today’s trading session.

If USD/CAD settles below the 50 MA at 1.3732, it will head towards the nearest support level, which is located in the 1.3600 – 1.3620 range.

USD/JPY

USD/JPY
USD/JPY 190424 4h Chart

USD/JPY remains stuck near the key resistance at 154.50 – 155.00 after the release of inflation data from Japan. Inflation Rate declined from 2.8% in February to 2.7% in March, in line with analyst expectations. Core Inflation Rate decreased from 2.8% to 2.6%, compared to analyst consensus of 2.7%.

It looks that BoJ has recently intervened, pushing USD/JPY towards the 153.60 level. However, the pullback was quickly bought, and USD/JPY managed to settle back above the 154.50 level. A move above 155.00 will provide USD/JPY with an opportunity to gain strong upside momentum.

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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