EUR/USD, GBP/USD, USD/CAD, USD/JPY Forecasts – U.S. Dollar Pulls Back Despite Rising Treasury Yields -

U.S. Dollar

DXY 280524 4h Chart

U.S. Dollar Index pulls back as traders react to CB Consumer Confidence report, which indicated that Consumer Confidence increased from 97.5 (revised from 97.0) in April to 102.0 in May. Today, traders also had a chance to take a look at the Case-Shiller Home Price index report for March. The report showed that home prices increased by 1.6% on a month-over-month basis.

Currently, U.S. Dollar Index is trying to settle below the support at 104.40 – 104.60. In case U.S. Dollar Index declines below the 104.40 level, it will head towards the next support at 103.75 – 103.90.


EUR/USD 280524 4h Chart

EUR/USD gains ground as traders react to Germany’s Wholesale Prices report, which showed that Wholesale Prices increased by 0.4% month-over-month in April.

A successful test of the resistance at 1.0870 – 1.0885 will push EUR/USD towards the next resistance level, which is located in the 1.0960 – 1.0980 range.


GBP/USD 280524 4h Chart

GBP/USD is trying to settle above the resistance at 1.2780 – 1.2800 as traders focus on general weakness of the American currency.

A move above 1.2800 will push GBP/USD towards the next resistance level at 1.2875 – 1.2900.


USD/CAD 280524 4h Chart

USD/CAD is mostly flat despite rising oil markets. Other commodity-related currencies are moving higher in today’s trading session.

From the technical point of view, USD/CAD found support in the 1.3600 – 1.3620 range and is trying to settle above the 50 MA at 1.3650.


USD/JPY 280524 4h Chart

USD/JPY remains stuck near the 157.00 level as traders focus on rising Treasury yields, which put significant pressure on the Japanese yen due to the ultra-dovish policy of the country’s central bank.

In case USD/JPY manages to settle above the 157.00 level, it will head towards the resistance at 158.00 – 158.50. The risk of BoJ interventions will increase if USD/JPY moves above the 158.00 level, although it remains to be seen whether BoJ is ready to act.

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

This article was originally posted on FX Empire


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


More Related Articles

Info icon

This data feed is not available at this time.

Sign up for the TradeTalks newsletter to receive your weekly dose of trading news, trends and education. Delivered Wednesdays.