EUR/USD, GBP/USD, USD/CAD, USD/JPY – U.S. Dollar Tests New Highs As JOLTs Job Openings Exceed Expectations

Key Insights

• EUR/USD moved lower as Germany’s inflation dropped to multi-month lows. 
• USD/CAD settled near the 1.3600 level as oil markets rebounded from session lows. 
• USD/JPY was mostly flat as traders waited for additional catalysts.

U.S. Dollar

U.S. Dollar Index tested new highs after the release of the JOLTs Job Openings report, which indicated that the number of vacancies increased to 10.1 million.

In case the U.S. Dollar Index settles above the resistance at 104.45, it will move towards the next resistance level at 104.75. A move above 104.75 will push the U.S. Dollar Index towards the 105.10 level.

R1:104.45 – R2:104.75 – R3:105.10

S1:104.10 – S2:103.75 – S3:103.50

EUR/USD

EUR/USD tested new lows as the ECB warned that high interest rates put pressure on households and companies. Germany’s Inflation Rate declined from 7.2% in April to 6.1% in May, which served as an additional bearish catalyst for EUR/USD.

A move below the 1.0630 level will push EUR/USD towards the support at 1.0610. If EUR/USD declines below 1.0610, it will head towards the next support level at 1.0575.

R1:1.0670 – R2:1.0700 – R3:1.0730

S1:1.0630 – S2:1.0610 – S3:1.0575

GBP/USD

GBP/USD pulled back as traders took some profits off the table after the recent rebound.

In case GBP/USD settles below the support at 1.2360, it will move towards the next support level at 1.2345. A successful test of this level will push GBP/USD towards the 1.2300 level.

R1:1.2410 – R2:1.2445 – R3:1.2470

S1:1.2370 – S2:1.2345 – S3:1.2300

USD/CAD

USD/CAD pulled back from session highs as oil markets rebounded from multi-week lows. Other commodity-related currencies remained under strong pressure today due to the weak economic data from China.

In case USD/CAD declines below the support level at 1.3565, it will move towards the next support at 1.3530. On the upside, a move above the 1.3600 level will push USD/CAD towards the resistance at 1.3640.

R1:1.3600 – R2:1.3640 – R3:1.3665

S1:1.3565 – S2:1.3530 – S3:1.3485

USD/JPY

USD/JPY is mostly flat as traders wait for the next moves in the U.S. government debt markets.

If USD/JPY moves below the support level at 139.60, it will head towards the support at 138.70. A move below 138.70 will push USD/JPY towards the support at 137.50.

R1:140.50 – R2:141.60 – R3:142.25

S1:139.60 – S2:138.70 – S3:137.50

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