U.S. Dollar Moves Higher As Traders React To JOLTs Report: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY

U.S. Dollar Gains Ground As JOLTs Job Openings Beat Analyst Estimates

U.S. Dollar Index gained some ground as traders reacted to the JOLTs Job Openings report for October. The report indicated that JOLTs Job Openings totaled 7.67 million, compared to analyst consensus of 7.0 million. The report for September has also exceeded analyst estimates. The stronger-than-expected job market data provided support to the American currency. However, traders remained focused on the upcoming Fed decision, so the U.S. dollar failed to gain strong upside momentum.

In case U.S. Dollar Index manages to settle above the 50 MA at 99.17, it will move towards the next resistance level, which is located in the 100.00 – 100.15 range.

EUR/USD Is Flat As Traders Are Cautious Ahead Of Tomorrow’s Fed Decision

EUR/USD was mostly flat as traders focused on Germany’s Exports report. The report showed that Exports increased by +0.1% month-over-month in October, compared to analyst forecast of -0.2%.

If EUR/USD stays above the support level at 1.1585 – 1.1600, it will move towards recent highs near the 1.1680 level.

GBP/USD Failed To Settle Above 1.3360

GBP/USD has recently made another attempt to settle above the resistance level at 1.3360 – 1.3375 but lost momentum and pulled back.

A move below the 50 MA at 1.3282 will push GBP/USD towards the support level at 1.3250 – 1.3265.

USD/CAD Tests Support At 1.3815 – 1.3830

USD/CAD continues its attempts to settle below the support at 1.3815 – 1.3830 as traders focus on the strong rally in silver markets. Other commodity-related currencies are also moving higher in today’s trading session.

A successful test of the support at 1.3815 – 1.3830 will open the way to the test of the next support level at 1.3720 – 1.3735.

USD/JPY Gains Ground As Treasury Yields Rise

USD/JPY tests new highs as traders focus on rising Treasury yields and prepare for Fed decision.

A move above the 157.00 level will push USD/JPY towards the nearest resistance, which is located in the 158.00 – 158.50 range. RSI has recently moved into the overbought territory, so the risks of a pullback are increasing.

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