U.S. Dollar Moves Higher At The Start Of The Week: Analysis For EUR/USD, GBP/USD, USD/CAD USD/JPY

U.S. Dollar Starts The Week On A Strong Note

U.S. Dollar Index continues to rebound after the recent pullback as traders react to NY Empire State Manufacturing Index report. The report indicated that NY Empire State Manufacturing Index increased from 10.70 in October to 18.70 in November, compared to analyst forecast of 6.

In case U.S. Dollar Index manages to settle above the 50 MA at 99.55, it will move towards the resistance at 100.00 – 100.15.

EUR/USD Tests Support At 1.1585 – 1.1600

EUR/USD attempts to settle below the support level, which is located in the 1.1585 – 1.1600 range.

In case this attempt is successful, EUR/USD will head towards the next support at 1.1470 – 1.1485.

GBP/USD Attempts To Settle Above 1.3160

GBP/USD remains stuck near the resistance level at 1.3145 – 1.3160 as traders wait for additional catalysts.

If GBP/USD climbs above the 1.3200 level, it will head towards the resistance level at 1.3250 – 1.3265.

USD/CAD Moves Higher As Canada’s Inflation Rate Drops To 2.2%

USD/CAD gained some ground as traders reacted to inflation data from Canada. Inflation Rate declined from 2.4% in September to 2.2% in October, compared to analyst forecast of 2.4%. Other commodity-related currencies have also moved lower in today’s trading session.

A move above the 50 MA at 1.4044 will open the way to the test of the resistance at 1.4080 – 1.4095.

USD/JPY Tests The 155.00 Level

USD/JPY climbed above the resistance at 154.50 – 155.00 as traders focused on GDP Growth Rate report from Japan. The report indicated that GDP Growth Rate was -0.4% in the third quarter, compared to analyst consensus of -0.6%.

In case USD/JPY settles above the resistance at 154.50 – 155.00, it will head towards the next resistance level at 158.00 – 158.50. RSI is in the moderate territory, so there is plenty of room to gain momentum in the near term.

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