U.S. Dollar Gains Ground As CB Consumer Confidence Beats Estimates: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY

U.S. Dollar Moves Higher As CB Consumer Confidence Rises to 92.8

U.S. Dollar Index gains ground as traders react to the better-than-expected CB Consumer Confidence report for April. The report indicated that Consumer Confidence increased from 92.2 in March to 92.8 in April, compared to analyst forecast of 89.

Today, traders also had a chance to take a look at the Case-Shiller Home Price index report for February. The report showed that home prices increased by +0.9% year-over-year, compared to analyst consensus of +1.1%.

The nearest resistance level for U.S. Dollar Index is located in the 98.85 – 99.00 range. If U.S. Dollar Index climbs above the 99.00 level, it will move towards the next resistance level at 99.70 – 99.85.

EUR/USD Moves Lower As Traders Prepare For Fed Decision

EUR/USD is losing some ground as traders wait for the Fed Interest Rate Decision, which will be released tomorrow.

Fed is expected to leave the federal funds rate unchanged. It remains to be seen whether traders will react to Powell’s comments, as his term as Fed Chair ends in May.

In case EUR/USD manages to settle back above the 1.1700 level, it will head towards the 50 MA at 1.1739. A move above this level will open the way to the test of the resistance at 1.1765 – 1.1780.

GBP/USD Tested Support At 1.3470 – 1.3485

GBP/USD made an attempt to settle below the support at 1.3470 – 1.3485 but lost momentum and rebounded towards the 50 MA at 1.3515.

In case GBP/USD settles above the 50 MA, it will move towards the nearest resistance, which is located in the 1.3570 – 1.3585 range. RSI is in the moderate territory, so there is plenty of room to gain momentum in case the right catalysts emerge.

On the support side, a successful test of the support at 1.3470 – 1.3485 will open the way to the test of the next support at 1.3385 – 1.3400.

USD/CAD Rebounds As Precious Metals Markets Fall

USD/CAD is moving higher as traders focus on the strong pullback in precious metals markets. The rally in the oil markets did not provide support to the Canadian dollar as traders worried that high oil prices will hurt global economy and reduce demand for commodities. Other commodity-related currencies are also moving lower in today’s trading session.

The nearest resistance level for USD/CAD is located in the 1.3700 – 1.3715 range. A move above the 1.3715 level will push USD/CAD towards the next resistance at 1.3775 – 1.3790.

USD/JPY Stays Range-Bound After BoJ Decision

USD/JPY remains stuck below the psychologically important 160.00 level as traders react to the BoJ Interest Rate Decision. The Bank of Japan left the rate unchanged at 0.75%, in line with analyst estimates.

The market showed little reaction to the decision as traders did not expect BoJ to raise rates amid high oil prices, which put pressure on the Japanese economy. Traders’ attention will switch to Fed decision, which may have a bigger impact on USD/JPY.

In case USD/JPY pulls back below the 50 MA at 159.25, it will move towards the nearest support level at 158.00 – 158.50. A successful test of this level will open the way to the test of the next support at 154.50 – 155.00.

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