U.S. Dollar Gains Ground Ahead Of Fed Decision: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY

U.S. Dollar Attempts To Settle Above The 50 MA Ahead Of Fed Decision

U.S. Dollar Index gains some ground as traders wait for Fed Interest Rate Decision, which will be released soon.

In case U.S. Dollar Index manages to settle above the 50 MA at 99.58, it will move towards the nearest resistance level, which is located in the 100.20 – 100.40 range.

EUR/USD Is Losing Ground As Euro Area Retail Sales Miss Estimates

EUR/USD pulled back as traders focused on the Euro Area Retail Sales report. The report showed that Retail Sales declined by -0.1% month-over-month in March, compared to analyst forecast of 0%.

If EUR/USD settles below the 50 MA at 1.1345, it will move towards the nearest support level at 1.1275 – 1.1290.

GBP/USD Is Heading Towards The Support At 1.3300 – 1.3320

GBP/USD is moving lower as traders focus on UK Construction PMI report. The report showed that UK Construction PMI increased from 46.4 in March to 46.6 in April, compared to analyst forecast of 45.7.

In case GBP/USD declines below the nearest support at 1.3300 – 1.3320, it will move towards the next support level at 1.3200 – 1.3220.

USD/CAD Gains Ground As Commodity Markets Pull Back

USD/CAD moved away from recent lows as traders reacted to the pullback in commodity markets. Other commodity-related currencies are also losing ground in today’s trading session.

A move above the 1.3820 level will open the way to the test of the resistance level at 1.3930 – 1.3950.

USD/JPY Tests Resistance At 143.50 – 144.00

USD/JPY is trying to settle above the resistance level at 143.50 – 144.00 as traders prepare for Fed decision. RSI is in the moderate territory, so there is plenty of room to gain additional upside momentum in the near term.

If USD/JPY climbs above the 144.00 level, it will head towards the next resistance level at 147.50 – 148.00.

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