Forex Market Analysis Today [2024.07.09]: Key Insights and Trends for EURUSD, USDJPY, USDCAD, and More

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• EURUSD: In an uptrend, bouncing back from the major support level. It’s now heading for 1.09000.
• USDCAD: It was in an uptrend, but now it has broken the major support level. This means the trend could change to a downtrend or move sideways.
• USDJPY: In an uptrend. It recently broke above the 160 level and is now trading above it.
• USDCHF: In a downtrend. It recently had a correction and is now starting to continue its downtrend.
• GBPUSD: Trending up and is currently at the resistance level of 1.28100.
• AUDUSD: In an uptrend as it recently broke above the consolidation phase resistance around 0.67000.
• NZDUSD: Consolidating between 0.62200 and 0.60500.

Key Economic Events Today

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

• 10:00 AM ET: FED Chairman Powell will testify about the Semi-Annual Monetary Policy Report before the Senate Banking Committee in Washington DC. This could impact USD pairs as he controls interest rate decisions. The market expects 2 rate cuts this year, but he mentioned that we won’t see 2% inflation this year or next. If rates stay high, the economy may slow down or even collapse. However, the FED was established to prevent economic crises, so let’s see how things turn out in the coming years.
• 10:00 PM ET: The Reserve Bank of New Zealand will release its monetary policy statement. This is a highly volatile event for NZD pairs.

EURUSD:

Looking at EURUSD, it’s in an uptrend, bouncing back from the major support level. It’s now heading for 1.09000.

Looking at the 1-hour chart, you can see that after the price reached a resistance level around 1.08600, it started to consolidate. Now it’s around a support level. Since the overall trend is bullish, we can expect the price to bounce back from this support and go up, breaking the resistance before pulling back at 1.09000. However, if the price breaks below this support range, we can expect it to go into a correction.

USDCAD:

Looking at USDCAD, it was in an uptrend, but now it has broken the major support level. This means the trend could change to a downtrend or move sideways.

Looking at the 1-hour chart, you can see that the price found support around 1.36000, pulled back up to 1.36400, and is now consolidating around that level. We can expect two scenarios: if the price goes up from this consolidation phase, it may find resistance around the major support level it broke before and then start dropping. Or it could start dropping from its current consolidation level. The key support to watch is 1.36000.

USDJPY:

Looking at USDJPY, it’s in an uptrend. It recently broke above the 160 level and is now trading above it.

Looking at the 1-hour chart, you can see that the 160 level acts as a strong support, as the price has bounced back from it three times. Now it’s heading up, and we can expect the price to continue in that direction since the overall trend is bullish, but expect small pullbacks along the way.

USDCHF:

Looking at USDCHF, it’s in a downtrend. It recently had a correction, and now it’s starting to continue its downtrend.

Looking at the 1-hour chart, you can see that the price found support around 0.89400, pulled back up to the resistance around 0.90000, and is now trading around that level. Since the overall trend is a downtrend and the price has broken below the 0.90000 range, we can expect the price to start dropping from here, breaking supports along the way. But if the price goes back up above 0.90000, then the correction phase is still happening.

GBPUSD:

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

Looking at the 1-hour chart, you can see that the price has pulled back from the 1.28500 resistance level. Now, we can expect the price to drop and correct from this level. However, if the price goes back up above 1.28500, it could head toward 1.29000. So, watch for a breakout.

AUDUSD:

Looking at AUDUSD, it’s in an uptrend as it recently broke above the consolidation phase resistance around 0.67000.

Looking at the 1-hour chart, you can see that the 0.67000 level acts as support, with the price bouncing back up from there. The 0.67600 level acts as resistance. Since the overall trend is bullish, we can expect the price to break this resistance and continue going up, so watch for a breakout. If the price drops below 0.67000, then the trend is still uncertain.

NZDUSD:

Looking at NZDUSD, it’s consolidating between 0.62200 and 0.60500.

We may see a breakout after today’s monetary policy report.

Looking at the 1-hour chart, you can see that the price is pulling back down from the resistance level around 0.61500. We can expect the price to drop to the support around 0.61000 before bouncing back up. The price needs to break either this support or resistance to continue in that direction. So, wait for the breakout to see where the price will head next.

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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