EUR/USD, GBP/USD, USD/CAD, USD/JPY Forecasts – U.S. Dollar Rebounds From Session Lows

U.S. Dollar

U.S. Dollar Index moved higher as traders reacted to the economic reports. Durable Goods Orders increased by 1.4% month-over-month in February, compared to analyst consensus of +1.1%. Case-Shiller Home Price Index declined by 0.1% month-over-month in January. CB Consumer Confidence report declined from 106.7 in February to 104.7 in March, while analysts expected that it would increase to 107. Overall, the market is waiting for stronger catalysts, and forex traders stay cautious.

From the technical point fo view, U.S. Dollar Index needs to settle above the resistance at 104.40 – 104.60 to gain additional momentum.

EUR/USD

EUR/USD pulled back as traders reacted to Germany’s GfK Consumer Condifence report, which indicated that Consumer Confidence improved from -28.8 in March to -27.4 in April.

If EUR/USD settles below the nearest support at 1.0810 – 1.0830, it will head towards the next support level at 1.0700 – 1.0720.

GBP/USD

GBP/USD is losing some ground after an unsuccessful attempt to settle above the nearest resistance at 1.2650 – 1.2685.

In case GBP/USD manages to settle below the 1.2600 level, it will move towards the nearest resistance at 1.2530 – 1.2550.

USD/CAD

USD/CAD rebounded from session lows as traders focused on general strength of the American currency. Other commodity-related currencies are swinging between gains and losses in today’s trading session.

If USD/CAD declines below the 50 MA at 1.3552, it will head towards the support, which is located in the 1.3480 – 1.3500 range.

USD/JPY

USD/JPY remains stuck near the key resistance level at 151.50 – 152.00. Bulls are worried that BoJ will intervene in case USD/JPY tests the 152.00 level.

It looks that the test of the 152.00 level is almost inevitable, so traders should soon learn whether BoJ is ready to defend this level.

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