U.S. Dollar Tests New Lows As Non Farm Payrolls Miss Estimates: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY

U.S. Dollar Is Losing Ground After Non Farm Payrolls Report

U.S. Dollar Index pulled back as Non Farm Payrolls increased from 125,000 (revised from 143,000) in January to 151,000 in February, compared to analyst forecast of 160,000.

The nearest support level for U.S. Dollar Index is located in the 103.20 – 103.40 range. In case U.S. Dollar Index declines below the 103.20 level, it will move towards the next support level at 102.00 – 102.20.

EUR/USD Tests New Highs

EUR/USD moved higher as traders focused on the better-than-expected Euro Area GDP Growth Rate report. The report indicated that GDP Growth Rate was +0.2% in the fourth quarter, compared to analyst forecast of +0.1%.

If EUR/USD settles above the 1.0850 level, it will head towards the nearest resistance level at 1.0920 – 1.0935.

GBP/USD Tests Resistance At 1.2935 – 1.2950

GBP/USD is trying to settle above the resistance at 1.2935 – 1.2950 as traders focus on job market data from the U.S.

A successful test of the resistance at 1.2935 – 1.2950 will push GBP/USD towards the next resistance level at 1.3050 – 1.3070.

USD/CAD Attempts To Settle Back Above The 50 MA

USD/CAD gained ground as demand for commodity-related currencies declined. Currently, USD/CAD is trying to settle above the 50 MA at 1.4381.

In case this attempt is successful, USD/CAD will head towards the next resistance level at 1.4485 – 1.4500.

USD/JPY Tests Support At 146.50 – 147.00

USD/JPY tested new lows as traders focused on falling Treasury yields. The yield of 2-year Treasuries declined towards the 3.90% level, while the yield of 10-year Treasuries pulled back below 4.25%.

A move below the support at 146.50 – 147.00 will push USD/JPY towards the next support level, which is located in the 143.50 – 144.00 range. RSI is close to the oversold territory, but there is enough room to gain momentum in the near term.

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