Advertisement
Advertisement
EUR/USD, GBP/USD, USD/CAD, USD/JPY Forecasts – U.S. Dollar Rebounds After Initial Jobless Claims Report
By:
U.S. job market remains strong, which is bullish for the American currency.
Key Insights
- EUR/USD pulled back below the 1.0900 level as traders focused on the strong job market data from the U.S.
- USD/CAD moved towards 1.3750 as oil markets found themselves under pressure after OPEC+ delayed its meeting.
- USD/JPY rebounded towards the key 150.00 level.
U.S. Dollar
U.S. Dollar Index continues to rebound from recent lows as traders react to the Initial Jobless Claims report, which showed that 209,000 Americans filed for unemployment benefits in a week. The better-than-expected Michigan Consumer Sentiment report may provide additional support to the American currency.
A move above the 50 MA at 104.33 will push U.S. Dollar Index towards the nearest resistance at 104.50 – 104.75.
EUR/USD
EUR/USD is losing ground as traders focus on the strong job market data from the U.S.
In case EUR/USD pulls back below the 50 MA at 1.0840, it will head towards the support level, which is located in the 1.0765 – 1.0790 range.
GBP/USD
GBP/USD is losing ground as traders focus on the general strength of the U.S. dollar. Profit-taking may have served as an important catalyst for today’s move.
The nearest support level for GBP/USD is located at 1.2370 – 1.2400. This support level has been tested several times, and GBP/USD will need additional catalysts to settle below 1.2370.
USD/CAD
USD/CAD is moving higher as oil markets suffer a strong sell-off, which is triggered by the delay of OPEC+ meeting.
If USD/CAD settles above the 50 MA at 1.3737, it will head towards the nearest resistance at 1.3800 – 1.3830.
USD/JPY
USD/JPY rebounds after the recent pullback. Traders used the pullback as an opportunity to increase their long positions in USD/JPY as the Japanese yen remains fundamentally weak due to the ultra-dovish policy of the BoJ.
In case USD/JPY climbs back above the 150.00 level, it will head towards the resistance at 151.45 – 152.00.
For a look at all of today’s economic events, check out our economic calendar.
About the Author
Vladimir Zernovauthor
Vladimir is an independent trader, with over 18 years of experience in the financial markets. His expertise spans a wide range of instruments like stocks, futures, forex, indices, and commodities, forecasting both long-term and short-term market movements.
Advertisement