Forex Market Analysis Today [2024.07.03]: Key Levels for Major Pairs – Will EURUSD Start an Uptrend?

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• EURUSD: Bouncing back up from the main trend line, with resistance around 1.09000 and support around 1.06000.
• USDCAD: In an uptrend, using trendlines as major support and resistance.
• USDJPY: Uptrending, with 160 now acting as support after breaking resistance.
• USDCHF: In a downtrend but correcting, with resistance at 0.90000 and heading for 0.91000.
• GBPUSD: Trending down, pulling back up from support at 1.26000 with resistance at 1.28100.
• AUDUSD: Consolidating, with support around 0.65750 and resistance around 0.67000.
• NZDUSD: Trending down, with support around 0.59000 and resistance around 0.62200.

Key Economic Events Today

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

• 8:30 AM ET: US Unemployment Claims – The number of individuals who filed for unemployment insurance for the first time during the past week. This is an important signal of overall economic health because consumer spending is highly correlated with labor market conditions. It’s also a major consideration for those steering the country’s monetary policy.
• 10:00 AM ET: US ISM Services PMI – Level of a diffusion index based on surveyed purchasing managers, excluding the manufacturing industry. It’s a leading indicator of economic health since businesses react quickly to market conditions, and their purchasing managers have relevant insights into the company’s view of the economy.
• 2:00 PM ET: FOMC Meeting Minutes – A detailed record of the FOMC’s most recent meeting, providing in-depth insights into the economic and financial conditions that influenced their vote on where to set interest rates. This is a highly volatile news event for USD pairs.

EURUSD:

Looking at EURUSD, it’s bouncing back up from the main trend line. The next resistance is around 1.09000, and the major support is around 1.06000.

Looking at the 1-hour chart, you can see that the price broke through the consolidating resistance. We can expect the price to continue going up. If there is a correction, this resistance will act as support, so it will likely bounce back up. Watch out for breakouts.

USDCAD:

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

Looking at the 1-hour chart, the price is at the support level. We can expect it to pull back up and continue going up. However, there is also a chance it might start dropping. If the price falls below 1.36400, then the trend is more likely changing.

USDJPY:

Looking at USDJPY, it’s uptrending. It broke the major resistance around 160, so now the 160 level acts as support for the price.

Looking at the 1-hour chart, the price is trending up. We can expect this trend to continue, but corrections along the way are likely. Watch out for round price numbers as potential points for reversals.

USDCHF:

Looking at USDCHF, it’s in a downtrend, but the price is now correcting. It even broke above the 0.90000 resistance level and is heading for 0.91000.

Looking at 1 hour chart, you can seea small resistnace, we can expect the price to break above this level and continue go to the next resistnace levels or it could pull back from this, so watchout for both reversal and breakout signals.

GBPUSD:

Looking at GBPUSD, it’s trending down. Right now, the price is pulling back up from the support at 1.26000. The next major resistance is around 1.28100.

Looking at the 1-hour chart, you can see the price is consolidating. Right now, the price is at the resistance of 1.27000. We can expect it to break this level and continue to the next resistance levels, or it could pull back to the 1.26200 level. Expect corrections.

AUDUSD:

Looking at AUDUSD, it’s consolidating. The major support is around 0.65750, and the major resistance is around 0.67000.

Looking at the 1-hour chart, you can see the price is at a resistance. We can expect it to break above this level and go to the major resistance for a pullback, or it could pull back from this level. So, watch out for both reversal and breakout signals.

NZDUSD:

Looking at NZDUSD, it seems like it’s trending down. The next support is around the 0.59000 level, and the major resistance is around 0.62200.

Looking at the 1-hour chart, you can clearly see the downtrend. The price is now at a resistance level. We can expect it to pull back from there and continue down to the trend line, or it could break above the resistance and go to the next resistance around 0.61100 before pulling back.

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.

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