Forex Market Analysis Today [2024.07.01]: Major Pairs on the Move – What to Expect?

Hi there, Welcome to Forex Market Analysis Today, New Month, New Beginning.

• EURUSD: Rebounding from trend line, resistance at 1.09000. May rise or pull back.
• USDCAD: In an uptrend, major support and resistance levels. Could rise or fall.
• USDJPY: Uptrend, support at 160, resistance at 161.200. Watch for breakouts.
• USDCHF: Trending down, resistance at 0.90000. Could rise if it crosses 0.90100.
• GBPUSD: Trending down, support at 1.25000. If it breaks 1.27000, it could rise.
• AUDUSD: Consolidating between 0.67000 and 0.65750. May rise if it breaks resistance.
• NZDUSD: Pulling back from 0.62200, support at 0.61000. May rise or drop.

Key Economic Events Today

These events encompass important global news, macroeconomic reports, and economic indicators. For more details, you can check the forex factory.

• Germany is releasing its preliminary CPI month-over-month data today, an important measure of inflation. This will impact EUR pairs.
• Canadian banks are closed for a holiday, leading to lower liquidity and unusual volatility in CAD pairs.
• At 10:00 AM ET, the US will release its ISM Manufacturing PMI, which may cause unusual volatility in USD pairs.
• At 3:00 PM ET, ECB President Lagarde will speak. Any hints she gives about interest rates could impact EUR pairs.
• At 9:30 PM ET, Australia will hold its Monetary Policy Meeting. Any unexpected announcements could lead to unusual volatility in AUD pairs.

EURUSD:

For EURUSD, it’s rebounding from the main trend line, with the key resistance level currently at about 1.09000.

On the 1-hour chart, you can clearly see the consolidation phase and the price breaking above resistance. Now, we can expect the price to keep rising, and it may encounter resistance around the levels indicated on the chart. It might pull back or break through and keep going up.

USDCAD:

Looking at USDCAD, it’s in an uptrend, with the trendlines on the chart serving as major support and resistance levels for the price.

On the 1-hour chart, it’s trading around the major support area, but it’s unclear if this support is broken. You can see a small support line there. If the price breaks below this level, we can expect it to start falling; otherwise, it might pull back and continue going up.

USDJPY:

Looking at USDJPY, it’s in an uptrend and has broken the major resistance. We can expect the price to keep going up.

On the 1-hour chart, you can see that after the price broke the resistance, it pulled back to that level and found support there. This confirms that the 160 level is now acting as support. There is also resistance around 161.200. If the price breaks above this level, we can expect it to keep going up. Otherwise, it will consolidate between this support and resistance. Watch out for breakouts.

USDCHF:

Looking at USDCHF, it’s trending down. Now, the price seems to be in a correction and is around the resistance level of 0.90000.

On the 1-hour chart, you can see that the price has indeed broken above 0.90000, so it should continue to go up. To confirm this breakout, wait for the price to cross above 0.90100. If it does, we can expect the price to keep rising. If the price bounces back from this resistance level, it might resume its downward momentum. So, watch for both a reversal and a breakout.

GBPUSD:

Looking at GBPUSD, it’s trending down, with the next support around 1.25000.

On the 1-hour chart, you can see the price pulling up with a resistance level around 1.27000. If the price breaks above this 1.27000 level, we can expect it to keep going up. Otherwise, it will likely pull back from there and continue going down.

AUDUSD:

Looking at AUDUSD, it’s consolidating between 0.67000 and 0.65750. Right now, it’s near the resistance level.

On the 1-hour chart, you can see the price broke above a resistance level and is trying to go up. The price might pull back from 0.67000 and start dropping since the overall trend is sideways. But if the price breaks above this resistance, we can expect it to continue going up, starting a new uptrend.

NZDUSD:

Looking at NZDUSD, it’s pulling back from the 0.62200 level, and right now the price is at a support area of 0.61000.

On the 1-hour chart, you can see the price is at a resistance level of 0.61100. We can expect two scenarios: either the price breaks above this resistance and continues to go up, or it pulls back from this level and starts dropping.

Conclusion & Disclaimer

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These analyses are here to help you understand how to analyze the market. They’re not about giving buy or sell signals. It’s simply about observing price action market behavior. I don’t recommend when to buy or sell because trading doesn’t work that way. You need a strategy to guide your decisions about when to enter or exit positions. That’s the key to making consistent profits in the financial markets over time.

The information provided in this market analysis is for educational and informational purposes only. It should not be construed as financial advice or a recommendation to buy, sell, or hold any securities or investments.

All investments involve risk, and past performance is not indicative of future results. The analysis provided may not be suitable for all investors and should be used at their own discretion.

Readers are encouraged to conduct their own research.

Trading and investing in financial markets carry inherent risks, including the risk of losing invested capital. It is important to carefully consider your investment objectives, risk tolerance, and financial situation before making any investment decisions.

GOOD LUCK✌!!!