Intraday Market Analysis for July 11, 2024 – Orbex Forex Trading Insights

# Intraday Market Analysis for July 11, 2024 – Orbex Forex Trading Insights

## Introduction

Intraday market analysis is a crucial tool for traders looking to capitalize on short-term price movements in the forex market. On July 11, 2024, the forex market presented a variety of opportunities and challenges, influenced by economic data releases, geopolitical events, and market sentiment. This article provides a comprehensive overview of the key developments and trading insights from Orbex for this particular day.

## Economic Data Releases

### United States

The U.S. economic calendar was relatively light on July 11, 2024, with the most notable release being the weekly Initial Jobless Claims report. The report showed a slight increase in claims to 235,000, up from the previous week’s 230,000. While this uptick was not significant enough to cause major market disruptions, it did contribute to a slight weakening of the U.S. dollar (USD) against major currencies.

### Eurozone

In the Eurozone, the European Central Bank (ECB) released its monthly Economic Bulletin. The bulletin highlighted concerns over slowing economic growth and persistent inflationary pressures. This led to increased speculation about potential monetary policy adjustments, causing some volatility in the euro (EUR) pairs.

### United Kingdom

The UK released its GDP growth figures for May 2024, which came in at 0.2%, slightly below the expected 0.3%. This marginal miss led to a brief dip in the British pound (GBP), but the currency quickly recovered as traders digested the broader economic context.

## Geopolitical Events

### Trade Tensions

Ongoing trade tensions between the U.S. and China continued to weigh on market sentiment. Despite recent negotiations showing signs of progress, uncertainty remained high. This uncertainty contributed to a risk-off sentiment, benefiting safe-haven currencies like the Japanese yen (JPY) and Swiss franc (CHF).

### Middle East Developments

Tensions in the Middle East also played a role in market dynamics. Reports of escalating conflicts in the region led to a spike in oil prices, which in turn affected commodity-linked currencies such as the Canadian dollar (CAD) and Australian dollar (AUD).

## Market Sentiment and Technical Analysis

### EUR/USD

The EUR/USD pair experienced moderate volatility throughout the day. After an initial dip following the ECB’s Economic Bulletin release, the pair found support around the 1.0950 level. Technical indicators suggested a potential reversal, with the Relative Strength Index (RSI) approaching oversold territory and the Moving Average Convergence Divergence (MACD) showing signs of bullish divergence.

### GBP/USD

GBP/USD saw a brief decline following the UK’s GDP data release but quickly rebounded. The pair traded within a tight range for most of the day, finding resistance around 1.3100 and support near 1.3050. Traders were cautious ahead of upcoming Bank of England (BoE) meetings, leading to subdued trading volumes.

### USD/JPY

USD/JPY benefited from the risk-off sentiment driven by geopolitical tensions. The pair moved higher, breaking through key resistance at 140.00. Technical analysis indicated further upside potential, with the next target around 141.50.

### AUD/USD

The AUD/USD pair was under pressure due to rising oil prices and concerns over global trade tensions. The pair tested support at 0.6700 but managed to hold above this level. Traders were closely watching for any developments in U.S.-China trade talks that could impact the Australian dollar.

## Orbex Trading Insights

### Key Takeaways

1. **Risk Management**: Given the heightened volatility due to geopolitical events and economic data releases, Orbex emphasized the importance of robust risk management strategies. Traders were advised to use stop-loss orders and position sizing to mitigate potential losses.

2. **Technical Indicators**: Orbex analysts highlighted key technical indicators such as RSI, MACD, and moving averages to identify potential entry and exit points. For instance, bullish divergence in EUR/USD suggested a buying opportunity, while resistance levels in USD/JPY indicated potential profit-taking zones.

3. **Economic Calendar**: Keeping an eye on upcoming economic data releases and central bank meetings was crucial for anticipating market movements. Orbex provided real-time updates and analysis to help traders stay informed.

4. **Geopolitical Awareness**: Understanding the impact of geopolitical events on market sentiment was essential for making informed trading decisions. Orbex recommended staying updated on global news and its potential implications for currency pairs.

## Conclusion

July 11, 2024, was a dynamic day in the forex market, influenced by economic data releases, geopolitical events, and market sentiment. By leveraging Orbex’s trading insights and employing sound risk management strategies, traders were better equipped to navigate the complexities of intraday trading. As always, staying informed and adaptable remains key to success in the ever-evolving forex market.

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• Source Link: https://zephyrnet.com/intraday-analysis-11-07-2024-orbex-forex-trading-blog/