EUR/USD, GBP/USD, USD/CAD, USD/JPY Forecasts – U.S. Dollar Is Flat In Volatile Trading

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U.S. Dollar

DXY 050424 4h Chart

U.S. Dollar Index is mostly flat as traders react to the Non Farm Payrolls report, which indicated that U.S. economy added 303,000 jobs in March, compared to analyst consensus of 200,000. Unemployment Rate declined from 3.9% to 3.8%, while analysts expected that it would remain unchanged at 3.9%. The report highlighted the strength of the U.S. economy, which is bullish for the U.S. dollar.

Interestingly, U.S. Dollar Index did not manage to settle above the resistance at 104.40 – 104.60. This is a major disappointment for the bulls.

EUR/USD

EUR/USD 050424 4h Chart

EUR/USD rebounded from session lows as traders reacted to U.S. economic reports. In the EU, Retail Sales declined by 0.5% month-over-month in February, compared to analyst consensus of -0.4%.

If EUR/USD manages to stay above the 1.0830 level, it will head towards the nearest resistance at 1.0900 – 1.0920.

GBP/USD

GBP/USD 050424 4h Chart

GBP/USD has also managed to rebound from session lows despite rising Treasury yields.

A move above the resistance at 1.2650 – 1.2685 will open the way to the test of the next resistance at 1.2800 – 1.2825.

USD/CAD

USD/CAD 050424 4h Chart

USD/CAD pulled back after an unsuccessful attempt to settle above the resistance at 1.3600 – 1.3620. Rising oil markets provided additional support to the Canadian dollar.

If USD/CAD settles below the 1.3550 level, it will head towards the support at 1.3480 – 1.3500.

USD/JPY

USD/JPY 050424 4h Chart

USD/JPY remains stuck near the key 152.00 level. Traders are worried that BoJ will intervene if USD/JPY moves above 152.00.

The technical picture has not changed in recent trading sessions. Traders are not ready to buy USD/JPY above 152.00 because of potential interventions. At the same time, they are not ready to sell as the Japanese yen remains fundamentally weak due to the ultra-dovish policy of Japan’s central bank. As a result, USD/JPY is stuck below 152.00.

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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