U.S. Dollar Moves Lower As Michigan Consumer Sentiment Drops To 50.3: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY

U.S. Dollar Index Attempts To Settle Below 99.50

U.S. Dollar Index pulls back as traders react to the weak Michigan Consumer Sentiment report. The report indicated that Consumer Sentiment declined from 53.6 in October to 50.3 in November, compared to analyst consensus of 53.2.

In case U.S. Dollar Index settles below the 99.50 level, it will head towards the support at 98.85 – 99.00.

EUR/USD Tests Resistance At 1.1585 – 1.1600

EUR/USD gains ground as traders focus on the better-than-expected Exports report from Germany. The report indicated that Exports increased by +1.4% month-over-month, compared to analyst forecast of +0.5%.

Currently, EUR/USD is trying to settle above the resistance at 1.1585 – 1.1600. In case this attempt is successful, EUR/USD will move towards the next resistance level at 1.1655 – 1.1670.

GBP/USD Gains Ground As Rebound Continues

GBP/USD continues its attempts to settle above the nearest resistance level, which is located in the 1.3145 – 1.3160 range.

If GBP/USD manages to settle above the 1.3160 level, it will head towards the next resistance at 1.3250 – 1.3265.

USD/CAD Moves Lower As Canada’s Unemployment Rate Falls To 6.9%

USD/CAD pulled back as traders focused on the Unemployment Rate report from Canada. The report showed that Unemployment Rate declined from 7.1% in September to 6.9% in October, compared to analyst forecast of 7.1%.

A successful test of the support at 1.4080 – 1.4095 will push USD/CAD towards the 50 MA at 1.4037. In case USD/CAD settles below the 50 MA, it will head towards the next support at 1.3975 – 1.3990.

USD/JPY Remains Stuck Near The 153.00 Level

USD/JPY is mostly flat as traders focus on the Household Spending report from Japan. The report showed that Household Spending declined by -0.7% month-over-month in September, compared to analyst forecast of +0.5%.

A move below the 153.00 level will push USD/JPY towards the support level at 151.00 – 151.50.

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