Forex Market Analysis Today [2024.06.25]: EURUSD Holds Trend Line, USDJPY Nears Resistance, Key Breakouts to Watch

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EURUSD is trading around the trend line, with support at 1.06000 and resistance at 1.09000. USDCAD may have broken support but needs confirmation. USDJPY is uptrending near resistance at 160. USDCHF is downtrending, with resistance at 0.90000 and support at 0.87350. GBPUSD is pulling back from 1.28100 resistance, with support at 1.25000. AUDUSD and NZDUSD are consolidating, with AUDUSD between 0.67000 and 0.66750, and NZDUSD between 0.62200 and 0.60900. Watch for potential breakouts today!

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 8:30 AM ET, Canada releases its CPI report, an important measure of inflation, causing high volatility in CAD pairs.
• Around 10:00 AM ET, the US releases its CB Consumer Confidence Index Report, which gives an idea about the economy’s health and causes some volatility in USD pairs.
• Later that day, around 9:30 PM ET, Australia releases its CPI report, leading to high volatility in AUD pairs.

EURUSD:

Looking at EURUSD, it’s the same story as yesterday. It’s still trading around the major trend line, with major support around 1.06000 and major resistance around 1.09000.

Looking at the 1-hour chart, the price is trading around resistance at 1.07500 and pulling back. If the price breaks above this level, it could continue to rise. However, it is more likely to pull back and drop to the support level around 1.06000.

USDCAD:

Looking at USDCAD, the price is getting squeezed and seems to have broken the support line. However, it might be a fake breakout, so we can’t confirm it yet.

Looking at the 1-hour chart, the price is indeed below the support level and has pulled back to that level before dropping again. This suggests it might be a true breakout, and if so, the price should continue to fall. However, if the price moves back above the indicated resistance level, the trend is still undecided.

USDJPY:

Looking at USDJPY, it’s in an uptrend and is currently near the major resistance around the 160 level.

Looking at the 1-hour chart, you can see the price pulled back from the 160 level, with support around 158.700. If the upward momentum continues, the price should break above this resistance and keep rising. If it pulls back from the resistance, it may find support around 158.700, or if that level breaks, around 157.500.

USDCHF:

Looking at USDCHF, it’s trending down. The major resistance is around 0.90000, and the major support is around 0.87350.

Looking at the 1-hour chart, there is resistance around 0.89400. The price is now consolidating between this and the 0.89000 level. Given the overall downtrend, we can expect the price to pull back from this resistance, break the support, and fall to the major support around 0.87350. On the other hand, if the price breaks above this resistance, it could rise to the 0.90000 level before potentially changing direction.

GBPUSD:

Looking at GBPUSD, it’s pulling back from the resistance level of 1.28100, with the next support around 1.25000.

In the 1-hour chart, the price is pulling back from a support level. If the momentum continues, we can expect the price to reverse around the 1.27400 level and continue dropping. If that level is broken, the price might continue to rise to the next resistance.

AUDUSD:

Looking at AUDUSD, it’s the same story as before. It’s consolidating with major resistance around 0.67000 and support around 0.66750.

Looking at the 1-hour chart, the price is around the resistance level of 0.66800. We can expect it to pull back from this level as it did before, or it could break above and reach the resistance around 0.67000, then pull back from there. Watch for breakouts, as they indicate the next trend direction.

NZDUSD:

Looking at NZDUSD, it is also consolidating. The major support is around 0.60900, and the major resistance is around 0.62200.

Looking at the 1-hour chart for NZDUSD, the price is around the support level. We can expect it to rise to the resistance level before pulling back again. However, if the price breaks below this support, it may continue dropping. Watch for breakouts.

Conclusion & Disclaimer

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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!!!