Forex Market Analysis Today [2024.06.21]: EURUSD Breaks Major Support

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EURUSD broke major support, with support at 1.06000 and resistance at 1.09000. USDCAD is uptrending, squeezed between major support and resistance. USDJPY is trending upward with support from the trend line and resistance around 160. USDCHF is downtrending, currently at a support level. GBPUSD is falling from 1.28100 resistance to 1.25000 support. AUDUSD is consolidating between 0.65500 and 0.67000. NZDUSD is consolidating with support at 0.61000 and resistance at 0.62200. Watch for breakouts and market shifts!

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 9:45 AM, the US releases its Purchasing Managers’ Index (PMI), which can cause small volatility in USD pairs.

EURUSD:

Looking at EURUSD, it’s clear that the price broke the major support level shown by the red line. Now, the major support is around 1.06000, and the major resistance is around 1.09000.

Looking at the price action for EURUSD on the 1-hour chart, there is a small support around the 1.06700 level. We can expect a pullback from here, but since the overall price action is going down, it’s likely that the price will break below this support and head to the major support around 1.06000 for a potential pullback.

USDCAD:

Looking at USDCAD, it’s in an uptrend. The two lines forming a triangle act as major support and resistance for the price. As we discussed yesterday, the price is getting squeezed, meaning there is pressure from both sellers and buyers. However, it seems like buyers are winning, which is why it’s trending upward.

Looking at the medium-term price action on the 1-hour chart, you can see the price is trending down. It needs to pull back from the major support level. Right now, the price has pulled back up a bit, but it will likely go down further before changing direction. Keep in mind, if the price breaks the major support line, the overall uptrend will change to a downtrend.

USDJPY:

Looking at USDJPY, it’s in an uptrend. The major support is the trend line indicating the uptrend, and the major resistance is around the 160 level.

Looking at the 1-hour chart, you can see two trend lines. Right now, the price is trending with the first line. We can expect the price to continue going up. If it goes for a correction, we can expect it to find support at the first line. If the first line is broken, the price will head to the next support line and pull back from there. Keep in mind, the price is very close to the 160 level. We can expect it to reach there and pull back. However, the price could break in either direction, and that direction will determine the future trend. So, watch out for breakouts.

USDCHF:

Looking at USDCHF, the price is going down. It is currently at a support level, and there is another support level indicated by the line.

Looking at the 1-hour chart, you can see that the price consolidated for a long time and started going up after the news. Now, we can expect the price to be in a correction phase and continue rising to the next resistance levels. The green trend line acts as major support for the price. If the price falls to this point, we can expect a pullback. However, if there is no correction and the price starts to fall and breaks this support, it will head to the next support and pull back there.

GBPUSD:

Looking at GBPUSD, the price is going down from the resistance level at 1.28100 and is now at a support level. The next support is around 1.25000.

Looking at the 1-hour chart, you can see the price broke below the support level. If this breakout is confirmed by the next two candles, we can expect the price to continue down to the next major support around 1.25000. If not, the price will likely start going up from its current level.

AUDUSD:

Looking at AUDUSD, it’s consolidating with major support around the 0.65500 level and major resistance around the 0.67000 level.

Now, looking at the 1-hour chart, you can see the price is pulling back from a resistance level. We can expect the price to keep dropping to the support level, or it could break above this resistance and head to the next major resistance. So, watch out for breakouts.

NZDUSD:

Looking at NZDUSD, it’s consolidating with major support around the 0.61000 range and major resistance around the 0.62200 range.

Now looking at the price action, the price pulled back from the support level and is now moving sideways. It should go back up to the resistance area, but it might drop to the support level and pull back again. There’s also a chance the price could break the support, which would change the trend. 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!!!