FXEmpire.com –
Key Insights
- EUR/USD climbed towards the 1.0600 level as traders focused on U.S. economic data.
- USD/CAD tested new highs on short-covering.
- USD/JPY settled back below the important 150.00 level.
U.S. Dollar
DXY 271023 4h Chart
U.S. Dollar Index pulls back as traders react to the economic data. Personal Income increased by 0.3% month-over-month in September, while Personal Spending grew by 0.7%.
In case U.S. Dollar Index settles below the 50 MA at 106.30, it will head towards the nearest support level, which is located in the 105.65 – 105.90 range.
EUR/USD
EUR/USD 271023 4h Chart
EUR/USD received strong support in the 1.0520 – 1.0550 range and moved towards the 1.0600 level.
In case EUR/USD climbs back above 1.0600, it will gain additional upside momentum and head towards the resistance at 1.0670 – 1.0700.
GBP/USD
GBP/USD 271023 4h Chart
GBP/USD is slowly moving higher while traders wait for additional catalysts. The problems of the UK economy serve as a bearish catalyst for GBP/USD, but traders will also focus on the general dynamics of the American currency.
If GBP/USD climbs above the 50 MA at 1.2155, it will head towards the nearest resistance at 1.2180 – 1.2200.
USD/CAD
USD/CAD 271023 4h Chart
USD/CAD is currently trying to settle above the resistance at 1.3830. It looks that the move is driven by short-covering, as some traders may have decided to short USD/CAD near multi-month highs.
In case USD/CAD stays above the 1.3830 level, it will head towards the next resistance, which is located in the 1.3950 – 1.3975 range.
USD/JPY
USD/JPY 271023 4h Chart
USD/JPY pulls back after an unsuccessful attempt to settle above the key 150.00 level.
Most likely, the move is driven by the fear of additional interventions from the BoJ.
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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