U.S. Dollar Gains Ground As Composite PMI Beats Estimates: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY

U.S. Dollar Tests New Highs

U.S. Dollar Index continues to move higher as traders focus on Composite PMI report. The report indicated that Composite PMI increased from 54.6 in October to 54.8 in November, compared to analyst forecast of 54.5.

In case U.S. Dollar Index manages to settle above the 100.50 level, it will head towards the resistance, which is located in the 101.00 – 101.15 range.

EUR/USD Remains Under Pressure

EUR/USD pulls back as traders focus on the weak Euro Area Manufacturing PMI report. The report showed that Manufacturing PMI decreased from 50.0 to 49.7, compared to analyst forecast of 50.2. Numbers below 50 show contraction.

The nearest support level for EUR/USD is located in the 1.1470 – 1.1485 range. A move below this level will push EUR/USD towards the next support at 1.1385 – 1.1400.

GBP/USD Moves Away From Recent Lows

GBP/USD gained ground despite the weak UK Retail Sales report. The report indicated that Retail Sales declined by -1.1% month-over-month in October, compared to analyst forecast of 0%.

If GBP/USD manages to settle above the 1.3100 level, it wijll head towards the resistance level at 1.3145 – 1.3160.

USD/CAD Moves Higher As Canada’s Retail Sales Miss Estimates

USD/CAD tested new highs as traders reacted to weak Retail Sales data from Canada. Retail Sales were unchanged in October, compared to analyst forecast of +0.5%.

In case USD/CAD stays above the resistance at 1.4080 – 1.4095, it will head towards the next resistance at 1.4150 – 1.4165.

USD/JPY Retreats Amid Profit-Taking

USD/JPY pulled back from recent highs as traders took some profits off the table after the strong rally.

From the technical point of view, USD/JPY needs to settle above the resistance at 158.00 – 158.50 to gain additional upside momentum. RSI is in the moderate territory, so there is plenty of room to gain momentum in case the right catalysts emerge.

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