U.S. Dollar Retreats In Quiet Trading
LONDON (July 4) U.S. Dollar Index is losing ground amid lack of catalysts. U.S. markets are closed in observance of Independence Day.
A move below the 105.00 level will push U.S. Dollar Index towards the nearest support, which is located in the 104.40 – 104.60 range. RSI is close to the oversold territory but there is enough room to gain additional downside momentum.
U.S. Dollar Index is losing ground amid lack of catalysts. U.S. markets are closed in observance of Independence Day.
A move below the 105.00 level will push U.S. Dollar Index towards the nearest support, which is located in the 104.40 – 104.60 range. RSI is close to the oversold territory but there is enough room to gain additional downside momentum.
GBP/USD gains some ground after UK Construction PMI report, which showed that Construction PMI declined from 54.7 in May to 52.2 in June.
GBP/USD needs to settle above the nearest resistance at 1.2780 – 1.2800 to have a chance to gain additional upside momentum.
USD/CAD tests new lows amid rising demand for commodity-related currencies. Interestingly, commodity markets are mostly quiet today, which is not surprising during a major holiday in the U.S.
If USD/CAD declines below the support at 1.3600, it will head towards the next support level at 1.3480 – 1.3500.
USD/JPY pulls back as traders take some profits off the table after the strong rally. Japan’s Central Bank did not intervene to provide support to the Japanese yen, but USD/JPY bulls were not ready to push prices above the 162.00 level.
In case USD/JPY declines below the 50 MA at 160.78, it will get to the test of the nearest support at 160.00 – 160.50. A move below the 160.00 level will open the way to the test of the next support level, which is located in the 158.00 – 158.50 range.
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