U.S. Dollar Pulls Back Ahead Of The Weekend: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY

U.S. Dollar Pulls Back As Traders Ignore Middle East Tensions

U.S. Dollar Index is losing some ground as traders react to Philadelphia Fed Manufacturing Index report. The report indicated that Philadelphia Fed Manufacturing Index remained unchanged at -4.0, compared to analyst consensus of -1.

In case U.S. Dollar Index declines below the 50 MA at 98.51, it will head towards the nearest support level, which is located in the 98.00 – 98.20 range.

EUR/USD Gains Ground As Traders React To Consumer Confidence Data

EUR/USD is moving higher despite the disappointing Euro Area Consumer Confidence report. The report showed that Consumer Confidence declined from -15.1 in May to -15.3 in June, compared to analyst consensus of -14.5.

A successful test of the resistance at 1.1555 – 1.1570 will push EUR/USD towards the next resistance at 1.1675 – 1.1690.

GBP/USD Is Flat After Weak UK Retail Sales Data

GBP/USD is mostly flat as traders focus on UK Retail Sales report, which indicated that UK Retail Sales decreased by -2.7% month-over-month in May.

The nearest support level for GBP/USD is located in the 1.3420 – 1.3440 range. A move below the 1.3420 level will push GBP/USD towards the next support at 1.3260 – 1.3280.

USD/CAD Moves Higher As Oil Markets Retreat

USD/CAD continues its attempts to settle above the resistance at 1.3725 – 1.3740 amid strong pullback in the oil markets.

A successful test of this level will push USD/CAD towards the next resistance at 1.3845 – 1.3860.

USD/JPY Attempts To Settle Above 146.00 As Japan’s Inflation Rate Misses Estimates

USD/JPY gained some ground as traders focused on inflation data from Japan. Inflation Rate declined from 3.6% in April to 3.5% in May, compared to analyst forecast of 3.6%.

If USD/JPY manages to settle above the 146.00 level, it will head towards the next resistance level at 147.50 – 148.00.

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