Forex Trading Library

Intraday Analysis 11.07.2024

JPY Fails to Advance

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USDJPY looking for another high
USDJPY forecast approaching new highs with key resistance and support levels.

The Yen stopped short of overturning a lift against the dollar as the pair rose towards another high. According to the latest USDJPY forecast, The pair cut through the round number of 161.00, which sat at the confluence of the 20-day SMA due to a bullish breakout in the last week. 161.80 is the next level to see if bears will step in before the pair extends to the psychological level of 162.00. The RSI’s double dip in the oversold zone could now cause a limited pullback towards 160.60.

EURGBP grinds critical floor
EUR/GBP Chart: EUR/GBP testing critical support levels with potential for rebound.

The pound bounced as the BoE signalled a rate cut this summer. As the pair hit a new low around 0.8430, a potential bullish divergence on the RSI suggests a loss of momentum. A break above 0.8470 would provide confirmation and prompt sellers to cover. Then, the former support of 0.8500 could be the last obstacle that would stand in the way of a sustained rebound. On the downside, a fall below 0.8410 would undermine the bulls’ effort and trigger a new round of sell-off towards 0.8350.

US 30 tests daily support
US 30 Chart: US 30 index testing support levels amid upcoming CPI data.

The Dow holds steady as the market turned its attention to upcoming CPI data. The recent spikes in price action suggest the index is testing the previous swing low at 39100, a significant level to keep June’s bullish momentum going, as its invalidation could cause a deep correction. The top of a limited bounce at 39700 is the first hurdle to clear. In case of a bearish breakout, 38200 at the base of the June breakout rally could be in the crosshairs.

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