In the kickstart video for July 10, 2024, I break down the technicals that are driving the three major currency pairs:
Today I give a bonus look at the NZDUSD as it is the biggest mover after the RBNZ rates unchanged but it was considered a more dovish unchanged decision.
Technically,
- The EURUSD is tilting more to the upside but buyers and sellers have battle it out. The good news is that the dip yesterday held against a swing area support level keeping the buyers in play/in control.
- The USDJPY moved back above its 100 and 200 hour moving averages yesterday. Those levels come in at 161.01 and 161.18 respectively. As long as the price to remain above those levels (it trades at 161.44 currently) the buyers are more in control with the high price from July at 161.93 the next target. At level corresponds with 1987 levels.
- The GBPUSD is moving higher Ed trading your highs for the day. Like the EURUSD, yesterday it held support against the high of a swing area near 1.2777. The pair is trading at 1.2807 and looks toward 1.28168 and 1.28272.
The bonus technical look at the NZDUSD saw the price will blow her after the more dovish rate decision (door is open for a cut). However, the pair moved down to test the 100 day MA where dip buyers have leaned and led to a modest bounce. The 100 day MA comes in at 0.6067. It’s 200 day moving average is a touch higher at 0.6075. The current price trades at 0.6080. Staying above the moving averages gives the dip buyers some hope. Moving below would open the door for more downside momentum.
