Forex Market Analysis Today [2024.07.10]: EURUSD, USDCAD, USDJPY, and More – Key Trends and Predictions

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• EURUSD: Rebounding from the major support line, heading toward 1.09000.
• USDCAD: Broke major support, now in a downtrend or moving sideways.
• USDJPY: Trending up, broke major resistance at 160, currently trading just above that level.
• USDCHF: Trending down, resistance at 0.90000.
• GBPUSD: In an uptrend, currently trading around the major resistance level of 1.28100.
• AUDUSD: In an uptrend, broke the resistance level of the consolidation phase.
• NZDUSD: Consolidating, just above the major support level of 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: Federal Reserve Chair Jerome Powell will testify about the Semi-Annual Monetary Policy Report before the House Financial Services Committee in Washington DC.

EURUSD:

Observing EURUSD, the price is bouncing back from the major support line and heading toward 1.09000.

If you look at the 1-hour chart, you’ll see the price at the resistance level of 1.08500 and moving back down. However, since the overall trend is bullish, we can expect the price to break above this resistance and continue rising to the 1.09000 level.

USDCAD:

Looking at USDCAD, it broke the major support level, so it’s now either in a downtrend or moving sideways.

After breaking the support, the price dropped to around 1.36000, found support, and pulled back up, starting to consolidate. We can only predict the next move after the price breaks out of this consolidation phase, so wait for the breakout to confirm the trend. However, it’s more likely to break the support.

USDJPY:

Looking at USDJPY, it’s trending up. It recently broke the major resistance at 160 and is currently trading just above that level.

Looking at the 1-hour chart, the price is bouncing up from the major support at 160, clearly showing an uptrend. We can expect this momentum to continue to the resistance at 162 before pulling back, or it might break above that level and keep going up without pulling back.

USDCHF:

Looking at USDCHF, it’s trending down. After a correction, the price has started to continue its downtrend.

Looking at the 1-hour chart, you can see that the 0.90000 level is acting as resistance since the price failed to break it and is pulling back. We can expect this downward momentum to continue because the overall trend is bearish. If the price breaks the support around 0.89400, we can expect it to keep going down, or it might pull back from that level.

GBPUSD:

Looking at GBPUSD, it’s in an uptrend and is currently trading around the major resistance level of 1.28100.

Just like we talked about yesterday, you can see a lot of support and resistance levels here. The price is trading around the support of 1.27800. If the price breaks below this level, we can expect it to go to the next support. On the other hand, if the price breaks above the resistance around 1.28100, we can expect it to continue going up. So, wait for the breakout to confirm the trend.

AUDUSD:

Looking at AUDUSD, it’s in an uptrend as it broke the resistance level of the consolidation phase.

Looking at the 1-hour chart, after breaking above the resistance, the price went up and started to consolidate again. This shows there is still indecision about the trend. If the price breaks above 0.67600, we can expect it to continue going up. Right now, the major support is at 0.67100, and the major resistance is at 0.67600.

NZDUSD:

Looking at NZDUSD, the price is consolidating and is currently just above the major support level of 0.60500.

Looking at the 1-hour chart, the price fell after the news yesterday and is now trading just above support. There is resistance around 0.61000. If the price breaks above this resistance, we can expect it to continue going up. If the price breaks below the support, we can expect it to drop further. Wait for the breakout to confirm the trend.

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✌!!!