U.S. Dollar Moves Higher As JOLTs Job Openings Exceed Estimates
U.S. Dollar Index gains some ground as traders react to the better-than-expected JOLTs Job Openings report. The report indicated that JOLTs Job Openings increased from 7.19 million (revised from 7.079 million) to 7.523 million, compared to analyst forecast of 7.1 million.
Traders also had a chance to take a look at the Factory Orders report for September. The report showed that Factory Orders increased by +1.8% on a month-over-month basis, compared to analyst consensus of +1.2%.
Currently, U.S. Dollar Index is trying to settle above the 50 MA at 101.94. In case this attempt is successful, U.S. Dollar Index will move towards the resistance level, which is located in the 102.35 – 102.50 range.
EUR/USD Stays Range-Bound
EUR/USD is stuck near the support level at 1.1175 – 1.1190 as traders react to news from the Middle East. According to recent reports, Iran and U.S. evaluated proposals from mediators despite “limited” strikes against Iran. Oil prices pulled back by -1%, providing some support to the European currency.
In case EUR/USD settles above the 1.1190 level, it will head towards the nearest resistance level, which is located in the 1.1250 – 1.1265 range. On the support side, a successful test of the support at 1.1175 – 1.1190 will open the way to the test of the next support level at 1.1100 – 1.1115.
GBP/USD Moves Higher As Oil Prices Pull Back
GBP/USD managed to gain some ground, supported by the pullback in the oil markets. It looks that traders are not ready for big moves ahead of U.S. midterm elections.
GBP/USD settled above the support at 1.3385 – 1.3400 and made an attempt to settle above the 1.3430 level. If GBP/USD climbs above 1.3430, it will head towards the resistance level at 1.3485 – 1.3500. RSI is in the moderate territory, so there is plenty of room to gain additional upside momentum in case the right catalysts emerge.
EUR/USD Price Forecast
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See all EUR/USD forecastsUSD/CAD Tests Resistance At 1.3985 – 1.4000
USD/CAD gains some ground as traders focus on the pullback in precious metals markets. Other commodity-related currencies are also losing ground in today’s trading session.
USD/CAD attempts to settle above the resistance level at 1.3985 – 1.4000. In case this attempt is successful, USD/CAD will move towards the next resistance at 1.4070 – 1.4085. On the support side, a move below the 1.3950 level will open the way to the test of the support at 1.3900 – 1.3915.
USD/JPY Attempts To Settle Above Key Resistance Level
USD/JPY gains ground as traders react to rising Treasury yields. The yield of 2-year Treasuries climbed back above the 4.60 level, while the yield of 10-year Treasuries settled above 4.93%.
From the technical point of view, USD/JPY attempts to settle above the resistance level at 158.00 – 158.50. This resistance level has been tested many times and proved its strength.
In case USD/JPY manages to settle above the 158.50 level, it will gain additional upside momentum and move towards the next resistance level at 160.00 – 160.50. It remains to be seen whether BoJ is ready to intervene in case USD/JPY tests the 160.00 level.
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