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Key Insights
- EUR/USD climbed towards the 1.0600 level as traders focused on U.S. economic data.
- USD/CAD tested new highs on short-covering.
- USD/JPY settled back below the important 150.00 level.
U.S. Dollar
U.S. Dollar Index pulls back as traders react to the economic data. Personal Income increased by 0.3% month-over-month in September, while Personal Spending grew by 0.7%.
In case U.S. Dollar Index settles below the 50 MA at 106.30, it will head towards the nearest support level, which is located in the 105.65 – 105.90 range.
EUR/USD
EUR/USD received strong support in the 1.0520 – 1.0550 range and moved towards the 1.0600 level.
In case EUR/USD climbs back above 1.0600, it will gain additional upside momentum and head towards the resistance at 1.0670 – 1.0700.
GBP/USD
GBP/USD is slowly moving higher while traders wait for additional catalysts. The problems of the UK economy serve as a bearish catalyst for GBP/USD, but traders will also focus on the general dynamics of the American currency.
If GBP/USD climbs above the 50 MA at 1.2155, it will head towards the nearest resistance at 1.2180 – 1.2200.
USD/CAD
USD/CAD is currently trying to settle above the resistance at 1.3830. It looks that the move is driven by short-covering, as some traders may have decided to short USD/CAD near multi-month highs.
In case USD/CAD stays above the 1.3830 level, it will head towards the next resistance, which is located in the 1.3950 – 1.3975 range.
USD/JPY
USD/JPY pulls back after an unsuccessful attempt to settle above the key 150.00 level.
Most likely, the move is driven by the fear of additional interventions from the BoJ.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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