Forex Market Analysis Today [2024.07.05]: Key Price Action, Trends, and Trading Opportunities

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• EURUSD: Bouncing back up from the major support line, now heading toward resistance around 1.09000.
• USDCAD: Broke the support level after an uptrend, now entering a downtrend.
• USDJPY: In an uptrend, broke major resistance around 160, now pulling back.
• USDCHF: In a downtrend, started to reverse after a correction, continuing the downtrend.
• GBPUSD: In an uptrend, near major resistance around 1.28100.
• AUDUSD: Broke the resistance after consolidating, now in an uptrend with the next resistance around 0.68500.
• NZDUSD: Consolidating, with resistance around 0.62200 and support around 0.59000.

Key Economic Events Today

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

• At 8:30 AM ET, the US and Canada will release their unemployment rate reports. These reports provide insight into the economy and can affect USD and CAD currency pairs.

EURUSD:

Looking at EURUSD, it is bouncing back up from the major support line, and now the price is heading toward the resistance around 1.09000.

Looking at the 1-hour chart, you can see that after consolidating, the price started to go up. Now, the price is near a resistance level around 1.08500. We can expect the price to either pull back from that level or break above it and continue to the major resistance around 1.09000.

USDCAD:

Looking at USDCAD, it was in an uptrend but has now broken the support level. We can assume that the price is now entering a downtrend.

Looking at the 1-hour chart, you can see there is resistance around 1.36400 as the price pulled back from that level. Now, the price is trending down, and we can expect this momentum to continue.

USDJPY:

Looking at USDJPY, it is in an uptrend and has broken the major resistance around 160. Now, the price is pulling back.

Looking at the 1-hour chart, you can see the price is nearing support. We can expect the price to pull back from this support and start going back up. If the price breaks below the support, then we can expect it to keep dropping. So, watch out for breakouts.

USDCHF:

Looking at USDCHF, the price is in a downtrend. It went into a correction, but now it seems like the price is starting to reverse and continue its downtrend.

Looking at the 1-hour chart, you can see the price pulling back from a resistance level and breaking below 0.90000. We can expect this downward momentum to continue. However, if the price goes back above 0.90000, the trend is still uncertain.

GBPUSD:

Looking at GBPUSD, it seems to be in an uptrend and is now near the major resistance level around 1.28100.

Looking at the 1-hour chart, the price is nearing resistance. We can expect a pullback from there, or the price could break above the resistance and continue to go up. So, watch out for both reversal and breakout signals.

AUDUSD:

Looking at AUDUSD, after consolidating, it broke the resistance, so we can say it’s in an uptrend now. The next resistance is around 0.68500.

Since the price consolidated for a while, we can expect this upward momentum to last for some time. The price is likely to continue rising to the resistance around 0.68500 before reversing.

NZDUSD:

Looking at NZDUSD, it is consolidating. The next resistance is around 0.62200, and the support is around 0.59000.

Looking at the 1-hour chart, the price is near a resistance level. We can expect the price to pull back from this level, or it could break above the resistance and continue to go up. So, watch for reversal and breakout signals.

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✌!!!