Forex Market Analysis Today [2024.06.14]: Navigating Support, Resistance, Trends, and Breakouts

Hello traders, Welcome to Forex Market Analysis Today!

In this analysis, we focus on key aspects like support and resistance levels, trends, price movements, and potential breakouts. Understanding these elements helps traders anticipate market shifts and make informed decisions. Whether you’re following major currency pairs or navigating market volatility, join us as we uncover the factors influencing today’s forex trends.

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.

Around 10:00 AM, we have the Preliminary University of Michigan Consumer Sentiment report coming out.

EURUSD:

Looking at EUR/USD, you can see that the price has broken below the red line and is now trading under it. This indicates that the uptrend momentum is gone. The market might either move sideways or enter a downtrend. Based on this price action, we can say that the 1.06000 level is the next support for the price. We can expect the price to pull back from here, but there’s a chance it could break below this support level. If it does, we can confirm that the market is in a downtrend.

USDCAD:

Looking at USD/CAD, it’s in an uptrend. If you look at the 1-hour chart, you’ll see that after pulling back from the support, the price went to a resistance level, pulled back a bit, and is now trading at that resistance level. If the price breaks above this resistance, which it looks like it might, we can expect it to reach the next resistance around 1.37900. If that level is also broken, we can expect the uptrend to continue. Keep in mind that since the price pulled up from the major support level, there haven’t been any big corrections yet. So, the market might correct at any of these resistance levels, so watch out.

USDJPY:

Looking at USD/JPY, it’s in an uptrend. After reaching the support level, the price couldn’t break it and pulled back up. Now, it’s heading for the support again. Based on this price action, if the price falls back to support, we can expect it to pull back up and continue rising. However, if the price breaks below the support, the trend is changing, and we can expect the price to keep dropping.

USDCHF:

Looking at USD/CHF, it’s consolidating. The levels 0.888000 and 0.90000 are good support and resistance levels. Since it’s consolidating, we can expect the price to stay within this range. On the 1-hour chart, you can see that after pulling back from the support, the price went to a resistance level and then corrected. Now, it’s trading in the middle of the range. The price needs to break either the support or resistance level, and the direction of the breakout will determine the future trend. Until then, the price will trade within these levels, so wait for the breakout.

GBPUSD:

Looking at GBP/USD, after the price reached a resistance level, it pulled back down to the support level around 1.27000. If the uptrend continues, we can expect the price to pull back from this support and keep rising. However, if the price drops below this support level, we can expect it to continue falling to lower support levels.

AUDUSD:

Looking at AUD/USD, it’s consolidating. On the 1-hour chart, after reaching the resistance level, the price pulled back and is now heading for the support level. We can expect the price to pull back from this support and head back to the resistance. However, the price could also break below the support level and continue dropping, so watch out for breakouts.

NZDUSD:

Looking at NZD/USD, it is also consolidating. After reaching the resistance level, like AUD/USD, it is now heading to the support level. From this price action, we can expect the price to pull back from the support and go back up to the resistance. However, there is also a chance the price could break below the support, so watch out for breakouts.

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!!!