U.S. Dollar Stays Close To Yearly Lows: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY

U.S. Dollar Index Is Stuck Near The 98.00 Level

U.S. Dollar Index is mostly flat as traders react to New Home Sales report for May. The report indicated that New Home Sales declined by -13.7% month-over-month, compared to analyst forecast of -5.8%.

U.S. Dollar Index continues its attempts to settle below the nearest support level at 98.00 – 98.20. If U.S. Dollar Index stays below the 98.00 level, it will head towards the next support level at 96.70 – 96.90.

EUR/USD Keeps Moving Higher

EUR/USD gained some ground as traders bet that Fed will cut rates this year. Currently, EUR/USD is trying to settle above the 1.1630 level.

In case this attempt is successful, EUR/USD will move towards the nearest resistance level, which is located in the 1.1675 – 1.1690 range.

GBP/USD Tests Key Resistance Level

GBP/USD tests resistance at 1.3620 – 1.3640 as traders stay bullish. RSI is in the moderate territory, and there is enough room to gain additional upside momentum in case the right catalysts emerge.

If GBP/USD manages to settle above the 1.3640 level, it will head towards the next resistance at 1.3730.

USD/CAD Gains Ground As Traders Ignore The Rebound In The Oil Markets

USD/CAD is moving higher despite the rebound in the oil markets. Other commodity-related currencies managed to gain some ground in today’s trading session.

If USD/CAD settles above the support level at 1.3725 – 1.3740, it will move towards the resistance level at 1.3845 – 1.3860.

USD/JPY Rebounds After Sell-Off

USD/JPY rebounded from recent lows and made an attempt to settle above the 146.00 level. Fed policy outlook continues to serve as a key catalyst for USD/JPY. However, the dovish policy of BoJ puts pressure on the Japanese yen.

If USD/JPY climbs above 146.00, it will head towards the nearest resistance level at the recent highs at 147.50 – 148.00.

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