U.S. Dollar Stabilizes As Traders Focus On Trade Deals: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY

U.S. Dollar Is Mostly Flat As Traders React To Tariff News

U.S. Dollar Index is mostly flat as traders focus on tariff news and react to the Existing Home Sales report. The report indicated that Existing Home Sales declined by -2.7% month-over-month in June, compared to analyst forecast of -0.7%.

In case U.S. Dollar Index settles below the 97.30 level, it will move towards the support level at 96.70 – 96.90.

EUR/USD Tests The 1.1750 Level

EUR/USD is also flat as traders react to the Euro Area Consumer Confidence report. The report showed that Euro Area Consumer Confidence improved from -15.3 in June to -14.7 in July, compared to analyst forecast of -15.

If EUR/USD climbs above the 1.1750 level, it will head towards the resistance level, which is located in the 1.1815 – 1.1830 range.

GBP/USD Tests New Highs

GBP/USD climbed above the resistance level at 1.3500 – 1.3520 and is trying to settle above the 1.3550 level. Traders should note that RSI has recently moved into the overbought territory, so the risks of a pullback are increasing.

A move above the 1.3550 level will open the way to the test of the next resistance level at 1.3630 – 1.3650.

USD/CAD Gains Ground As Precious Metals Markets Pull Back

USD/CAD is trying to rebound as traders take some profits off the table after the recent move. The pullback in precious metals markets put additional pressure on the Canadian dollar.

If USD/CAD settles above the 1.3620 level, it will head towards the nearest resistance at 1.3650 – 1.3665.

USD/JPY Is Stuck Near The 146.50 Level

USD/JPY is flat as traders focus on the trade deal between the U.S. and Japan. Treasury yields are moving higher, but this move does not provide material support to the American currency.

A move below the 146.00 level will push USD/JPY towards the support level at 143.50 – 144.00.

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