Forex Market Analysis Today [2024.06.11]: Market Correcting for CPI & FOMC?

Forex Market Analysis Today [2024.06.11]: Market Correcting for CPI & FOMC?
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Hello there, Welcome to Forex Market Analysis Today!

Today, the market is adjusting itself in anticipation of significant economic news scheduled for tomorrow, such as CPI and FOMC announcements. This adjustment often leads to increased volatility and changes in prices as traders prepare for potential shifts in the market.

As traders, it’s essential to stay vigilant and adaptable during these times of market correction. Whether the market is preparing for an uptick or a downtrend, it’s important to be prepared for potential changes and trends.

Join us as we examine today’s forex analysis, focusing on key currency pairs and how they’re reacting to the market correction ahead of tomorrow’s news. From EURUSD to NZDUSD, we’ll explore current market conditions and provide insights to help you navigate today’s trading landscape.

Remember, while analysis can provide valuable insights, it’s always wise to conduct your own research and exercise caution before making any trading decisions. The forex market is dynamic, and success often depends on a combination of informed analysis and prudent risk management.

So let’s dive in and explore the exciting opportunities and challenges that today’s forex market has in store for us!

Key Trading Events Today

These events encompass important global news, macroeconomic reports, and economic indicators. For more details, you can check the Forex Factory Economic Calendar.

Today, there are no major events to anticipate. However, tomorrow is expected to bring chaos to the market.

EURUSD:

EURUSD Forex Market Analysis Today [2024.06.11]
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EURUSD Forex Market Analysis Today [2024.06.11]
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Looking at EURUSD, it hit a key support level and bounced back. There’s a small support level visible there, and also some resistance around the gap level. What we can expect is that the price might keep rising to the next resistance level, and if it breaks through that, it could go even higher. However, if the price drops again and breaks below the small support level, it could mean the trend is changing.

USDCAD:

USDCAD Forex Market Analysis Today [2024.06.11]
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USDCAD Forex Market Analysis Today [2024.06.11]
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Looking at USDCAD, it’s in an uptrend and is trading near a resistance level. The price has pulled back a bit. If it breaks above the resistance level, we can expect it to rise to the next resistance. However, the price might also pull back and drop to the next support levels. Keep an eye out for breakouts.

USDJPY:

USDJPY Forex Market Analysis Today [2024.06.11]
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USDJPY Forex Market Analysis Today [2024.06.11]
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Looking at USDJPY, it’s also in an uptrend. On the 1-hour chart, the price is around the resistance level of 157.500. If the price breaks above this level, we can expect it to keep going up. However, the price might pull back from this resistance and drop to the next support. Keep an eye out for potential breakouts.

USDCHF:

USDCHF Forex Market Analysis Today [2024.06.11]
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USDCHF Forex Market Analysis Today [2024.06.11]
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Looking at USDCHF, the uptrend is over, and now the price is either moving sideways or trending down, with a stronger chance of a downtrend. There is a support level around 0.88800, from which the price pulled back to the resistance around 0.89800 and is now trading there. We can expect the price to either pull back from this resistance and continue dropping to the support level, or break the resistance and keep going up. Watch out for breakouts.

GBPUSD:

GBPUSD Forex Market Analysis Today [2024.06.11]
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GBPUSD Forex Market Analysis Today [2024.06.11]
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Looking at GBPUSD, it’s in an uptrend, but after reaching a resistance level around 1.28100, it pulled back to the support level and is now starting to rise again. If the correction is over, which is unlikely, we can expect the price to continue going up. However, if the correction isn’t over, the price might break below this support and drop further. Keep an eye out for breakouts.

AUDUSD:

AUDUSD Forex Market Analysis Today [2024.06.11]
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AUDUSD Forex Market Analysis Today [2024.06.11]
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Looking at AUDUSD, it’s consolidating. Right now, the price is around its support level. Since it’s consolidating, we expect the price to bounce back up and head towards the resistance level. However, there’s also a chance the price could break the support and keep dropping, so watch out for breakouts.

NZDUSD:

NZDUSD Forex Market Analysis Today [2024.06.11]
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NZDUSD Forex Market Analysis Today [2024.06.11]
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Looking at NZDUSD, it’s in an uptrend, but after hitting a resistance level, the price went into a correction. Now, the price is around a support level and trying to rise slowly. We can expect the price to keep going up from here, though there may be some pullbacks along the way. Keep in mind that 0.60850 is a strong support level and 0.62150 is a strong resistance level. If the price breaks either of these levels, the trend could change. Watch out for breakouts.

Keep in mind that big economic news, CPI and FOMC, is coming out tomorrow. The market will adjust itself for this news, so it will be volatile and influenced by these factors.

Disclaimer

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.

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 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.

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!!!

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