U.S. Dollar Gains Ground As Rebound Continues: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY

U.S. Dollar Is Moving Higher Ahead Of The Weekend

U.S. Dollar Index gains ground as traders react to the Durable Goods Orders report. The report showed that Durable Goods Orders decreased by -9.3% month-over-month in June, compared to analyst forecast of -10.8%.

A move above the resistance at 98.00 – 98.20 will push U.S. Dollar Index towards the next resistance level at 99.20 – 99.40.

EUR/USD Made An Attempt To Settle Below 1.1700

EUR/USD pulls back as traders focus on the Ifo Business Climate report from Germany. The report showed that Business Climate improved from 88.4 in June to 88.6 in July, compared to analyst consensus of 89.0.

The nearest support level for EUR/USD is located in the 1.1675 – 1.1690 range. A move below the 1.1675 level will push EUR/USD towards the next support at 1.1575 – 1.1590.

GBP/USD Is Under Pressure As Traders React To The UK Retail Sales Report

GBP/USD is under pressure as traders focus on the disappointing UK Retail Sales report. The report showed that Retail Sales increased by +0.9% month-over-month in June, compared to analyst forecast of +1.2%.

From the technical point of view, GBP/USD settled below the previous support level at 1.3500 – 1.3520 and is moving towards the next support, which is located in the 1.3370 – 1.3390 range.

USD/CAD Tests New Highs As Precious Metals Markets Fall

USD/CAD tested new highs as traders focused on the strong pullback in precious metals markets.

RSI remains in the moderate territory, so there is plenty of room to gain momentum in case the right catalysts emerge.

USD/JPY Tests Resistance At 147.50 – 148.00

USD/JPY is moving higher as traders focus on general strength of the American currency.

Currently, USD/JPY is trying to settle above the resistance level at 147.50 – 148.00. In case this attempt is successful, USD/JPY will head towards the next resistance at 151.00 – 151.50.

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