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EUR/USD, GBP/USD, USD/CAD, USD/JPY Forecasts – U.S. Dollar Stays Flat In Quiet Trading

By:
Vladimir Zernov
Published: Feb 19, 2024, 17:13 UTC

Key Points:

  • GBP/USD pulled back after an unsuccessful attempt to settle above the 1.2600 level.
  • USD/CAD is trying to climb above 1.3500 despite rising oil markets.
  • USD/JPY stays above the 150.00 level as traders react to Machinery Orders report.
EUR/USD, GBP/USD, USD/CAD, USD/JPY Forecasts

In this article:

U.S. Dollar

DXY
DXY 190224 4h Chart

U.S. Dollar Index is mostly flat in quiet trading as traders wait for catalysts. There are no important economic reports scheduled to be released today due to U.S. holiday.

In case U.S. Dollar Index settles back above the resistance at 104.35 – 104.55, it will head towards the next resistance level, which is located in the 105.75 – 106.00 range.

EUR/USD

EUR/USD
EUR/USD 190224 4h Chart

EUR/USD is swinging between gains and losses amid a lack of catalysts. Trading may stay choppy until Wednesday, when traders will have a chance to take a look at FOMC Minutes.

The nearest support level for EUR/USD is located in the 1.0730 – 1.0750 range. A move below 1.0730 will push EUR/USD towards the next support at 1.0640 – 1.0660.

GBP/USD

GBP/USD
GBP/USD 190224 4h Chart

GBP/USD is losing some ground after an unsuccessful attempt to settle above 1.2600 level. RSI is in the moderate territory, so there is plenty of room to gain additional downside momentum.

In case GBP/USD stays below 1.2600, it will move towards the nearest support level at 1.2500 – 1.2520.

USD/CAD

USD/CAD
USD/CAD 190224 4h Chart

USD/CAD found strong support in the 1.3480 – 1.3500 range and is trying to rebound despite rising oil markets.

In case this attempt is successful, USD/CAD will head towards the next resistance at 1.3600 – 1.3620. On the support side, a move below 1.3480 will open the way to the test of the support at 1.3380 – 1.3410.

USD/JPY

USD/JPY
USD/JPY 190224 4h Chart

USD/JPY  settled above the 150.00 level as traders reacted to Machinery Orders report from Japan. The report indicated that Machinery Orders increased by 2.7% month-over-month in December, compared to analyst consensus of +2.5%.

The recent attempts to settle back below the 150.00 level yielded no results, so USD/JPY has a decent chance to gain upside momentum and move towards the nearest resistance at 151.50 – 152.00.

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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