Forex Market Analysis Today [2024.07.08]: EURUSD Uptrend, USDJPY Bullish – Trends, Support, and Resistance for Major Pairs

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• EURUSD: In an uptrend, bouncing back from the major support line and heading towards the 1.09000 resistance level.
• USDCAD: Broke the major support level, indicating a potential trend change to sideways movement or a downtrend.
• USDJPY: In an uptrend, recently broke the major resistance at 160, and now pulling back to that level.
• USDCHF: Trending down and likely heading for 0.88000 or even lower.
• GBPUSD: Trending up, with the price currently at the resistance level of 1.28100.
• AUDUSD: In an uptrend, having broken through the consolidation phase resistance.
• NZDUSD: Currently consolidating, with major support around 0.60500 and major resistance around 0.62200.

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EURUSD:

Looking at EURUSD, it’s in an uptrend. It’s bouncing back from the major support line and heading towards the 1.09000 resistance level.

Looking at the 1-hour chart, the price opened lower, showing selling pressure, but it quickly went up after the gap. Now, it’s trading near a resistance level. Since the overall trend is bullish, we can expect the price to break above this resistance and reach 1.09000 before pulling back. Watch for a breakout. Keep in mind, if the price falls below 1.08000, it’s likely entering a correction phase.

USDCAD:

Looking at USDCAD, it broke the major support level, indicating a potential trend change. We can expect either sideways movement or a downtrend.

Looking at the 1-hour chart, you can see that after the price broke the major support, it consolidated a bit, moved down, consolidated again, went up, and is now consolidating again. This shows a lot of indecision. To confirm a downtrend, wait for the price to break below 1.36000. If the price keeps going up, then the trend is still undecided.

USDJPY:

Looking at USDJPY, it’s in an uptrend. It recently broke the major resistance at 160, and now the price is pulling back to that level.

Looking at the 1-hour chart, you can see that the price pulled back to the 160 level and then started to rise. If the uptrend continues, we can expect this upward movement to carry on. However, if the price breaks below the 160 level, it indicates a trend change. Watch for a breakout, but overall, the price should go up.

USDCHF:

Looking at USDCHF, it’s trending down and is likely heading for 0.88000 or even lower.

Looking at the 1-hour chart, you can see the price broke the 0.90000 level and seems to have found support around 0.89400. If the price breaks below this level, we can expect the downward momentum to continue, possibly reaching 0.88400 before pulling back. The price could also rebound from this support, but it’s more likely to break lower, so wait for confirmation.

GBPUSD:

Looking at GBPUSD, it’s trending up and the price is currently at the resistance level of 1.28100.

Looking at the 1-hour chart, you can see that the price is trending up and is at the resistance level. If the price breaks above this resistance, we can expect it to continue rising to the 1.29000 level. However, if the price pulls back from this level, it might go into a correction and possibly reverse around the support levels shown on the chart.

AUDUSD:

Looking at AUDUSD, it’s in an uptrend as it has broken through the consolidation phase resistance.

Looking at the 1-hour chart, you can see that the price is pulling back from the 0.67600 resistance level. If a correction happens, we can expect the price to pull back to the previous resistance, which should now act as support, and then start going back up. Alternatively, the price could break above the current resistance and continue rising.

NZDUSD:

Looking at NZDUSD, it’s currently consolidating. The major support is around 0.60500, and the major resistance is around 0.62200.

Looking at the 1-hour chart, you can see that the price is at the resistance level of 0.61500. If the price breaks above this level, we can expect it to continue up to 0.62200. Alternatively, it could pull back down from this resistance to 0.61000. So, watch for a breakout.

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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