Trade ideas thread – European session 5 July 2021

Daily thread to exchange ideas and to share your thoughts

The dollar is keeping steadier after a bit of a retrace on Friday with the US jobs report unable to set off the next leg higher in the greenback, though it is still sitting in a relatively solid spot after the gains in the past week.

EUR/USD is seen just above 1.1850 now but price action is still keeping below the key hourly moving averages – suggesting the near-term bias is still more bearish for now.

USD/JPY backed away from the March 2020 highs to 111.00 but is holding above the figure level and its 100-hour moving average for the time being.

Elsewhere, GBP/USD and AUD/USD are seeing price action fall back in between its key hourly moving averages which points to a loss in near-term momentum.

The US holiday today may not help with getting any answers and market participants will be keenly eyeing the Fed minutes later in the week for more clues going into August and the potential Jackson Hole pivot by the Fed.

What are your views on the market right now? Share your thoughts/ideas with the ForexLive community here.