U.S. Dollar Attempts To Rebound From Yearly Lows: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY

U.S. Dollar Gains Ground As Traders Focus On Jobs Data

U.S. Dollar Index is moving higher as traders react to the better-than-expected JOLTs Job Openings report. The report indicated that JOLTs Job Openings increased from 7.395 million in April to 7.769 million in May, compared to analyst consensus of 7.3 million.

In case U.S. Dollar Index settles back above the 96.90 level, it will move towards the 97.50 level. RSI is in the moderate territory, and there is plenty of room to gain additional upside momentum in the near term.

EUR/USD Tested Resistance At 1.1785 – 1.1800

EUR/USD tested new highs but lost momentum and pulled back. Traders reacted to inflation data from the EU. Euro Area Inflation Rate increased from 1.9% in May to 2% in June, in line with analyst estimates.

If EUR/USD climbs above the resistance at 1.1785 – 1.1800, it will move towards the next resistance level at 1.1895 – 1.1910.

GBP/USD Is Losing Ground Amid Profit-Taking

GBP/USD pulled back as traders focused on UK Nationwide Housing Prices report. The report showed that Nationwide Housing Prices declined by -0.8% month-over-month in June, compared to analyst forecast of +0.2%.

In case GBP/USD pulls back below the 1.3700 level, it will head towards the support level at 1.3620 – 1.3640.

USD/CAD Tests Resistance At 1.3650 – 1.3665

USD/CAD rebounded from recent lows as demand for commodity-related currencies declined despite rising commodity markets.

Currently, USD/CAD is trying to settle above the resistance level at 1.3650 – 1.3665. In case this attempt is successful, USD/CAD will move towards the next resistance level at 1.3725 – 1.3740.

USD/JPY Remains Under Pressure

USD/JPY moved lower despite rising Treasury yields. Traders focused on the better-than-expected Tankan Large Manufacturing Index from Japan. The report indicated that Tankan Large Manufacturing Index increased from 12 to 13, compared to analyst consensus of 10.

A move below the 143.00 level will push USD/JPY towards the support at 140.00 – 140.50.

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