U.S. Dollar Tests New Highs As 30-Year Yield Hits 5.60%: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY

U.S. Dollar Rallies As Treasury Yields Test New Highs

U.S. Dollar Index gains ground as traders focus on rising Treasury yields and react to JOLTs Job Openings report.

The yield of 30-year Treasuries climbed above the 5.61% level as bond market sell-off continued. The yield of 10-year Treasuries tested new highs near the 5.29% level.

JOLTs Job Openings decreased from 7.335 million (revised from 7.271 million) to 7.079 million, compared to analyst forecast of 7.23 million.

Traders also had a chance to take a look at the CB Consumer Confidence report. The report showed that CB Consumer Confidence declined from 88.6 (revised from 89.4) in August to 81.9 in September, compared to analyst consensus of 89.2.

Currently, U.S. Dollar Index is trying to settle above the resistance level at 101.50 – 101.65. In case U.S. Dollar Index manages to settle above the 101.65 level, it will head towards the next resistance, which is located in the 102.35 – 102.50 range. RSI is in the overbought territory, but there is some room to gain additional upside momentum in the near term.

Gold News: XAUUSD Faces PCE Test as Dollar and High Yields Cap Bounce

EUR/USD Tests Support At 1.1335 – 1.1350

EUR/USD is losing ground as traders focus on the weaker-than-expected Euro Area Economic Sentiment Index report. The report indicated that Euro Area Economic Sentiment declined from 98.4 in August to 97.9 in September, compared to analyst consensus of 99.

EUR/USD attempts to settle below the support at 1.1335 – 1.1350. If EUR/USD manages to settle below the 1.1335 level, it will head towards the next support at 1.1250 – 1.1265.

EUR/USD Price Forecast

Every new EUR/USD analysis as it publishes, today's technical signal and key levels, live price — on one page.

GBP/USD Remains Under Pressure

GBP/USD is moving lower as traders focus on general strength of the American currency. The pullback in the oil markets did not provide any support to GBP/USD as traders have mostly focused on the situation in debt markets.

In case GBP/USD manages to settle below the 1.3200 level, it will head towards the support level at 1.3150 – 1.3165. RSI remains in the moderate territory, so there is plenty of room to gain additional downside momentum in case the right catalysts emerge.

USD/CAD Tests New Highs As Rally Continues

USD/CAD continues to move higher as traders react to Canada‘s GDP report. The report showed that GDP increased by +0.2% month-over-month in August, in line with analyst estimates. Other commodity-related currencies moved lower in today’s trading session.

Currently, USD/CAD is trying to setlte above the 1.4200 level. In case this attempt is successful, USD/CAD will head towards the next resistance, which is located in the 1.4235 – 1.4250 range.

USD/JPY Is Stuck Near The 157.50 Level

USD/JPY is swinging between gains and losses despite rising Treasury yields. The market is stabilizing after the strong rebound from September lows.

The nearest resistance level for USD/JPY is located in the 158.00 – 158.50 range. If USD/JPY manages to settle above the 158.50 level, it will head towards the next resistance level, which is located in the 160.00 – 160.50 range.

On the support side, a move below the 50 MA at 157.48 will push USD/JPY towards the support at 155.00 – 155.50.

If youd like to know more about how to trade forex, please visit our educational area.