EUR/USD, GBP/USD, USD/CAD, USD/JPY – U.S. Dollar Is Under Pressure Ahead Of The Weekend

Key Insights

• EUR/USD settled back above the 1.1000 level. 
• GBP/USD rebounded towards the 1.2800 level. 
• USD/JPY moved below 142 as Treasury yields declined. 

U.S. Dollar

U.S. Dollar Index pulls back as traders react to the weaker-than-expected Non Farm Payrolls report, which indicated that U.S. economy added 187,000 jobs in July.

In case U.S. Dollar Index settles below the support at 102.00 – 102.15, it will move towards the next support level, which is located in the 101.00 – 101.15 range.

EUR/USD

EUR/USD is moving higher after Non Farm Payrolls report. The weak Euro Area Retail Sales report, which showed that Retail Sales declined by 0.3% month-over-month in June, did not put pressure on the European currency.

EUR/USD has already moved above the 200 MA and is heading towards the resistance at 1.1070 – 1.1095. RSI remains in the moderate territory, so there is enough room to gain additional momentum.

GBP/USD

GBP/USD is currently trying to settle above the resistance at 1.2725 – 1.2750 as traders focus on the general weakness of the U.S. dollar.

In case GBP/USD stays above the 1.2750 level, it will head towards the next resistance, which is located in the 1.2970 – 1.3000 range.

USD/CAD

USD/CAD pulled back as traders focused on the rally in the oil markets. WTI oil and Brent oil tested new highs in today’s trading session.

USD/CAD failed to settle above the resistance at 1.3360 – 1.3380 and is moving towards the nearest support level at 1.3240 – 1.3265.

USD/JPY

USD/JPY declines as traders focus on the strong pullback in Treasury yields.

In case USD/JPY manages to settle below the support at 141.85 – 142.35, it will head towards the next support, which is located in the 137.65 – 138.00 range.

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