Forex Market Analysis Today [2024.06.06]: Most Pairs Show Bullish Sentiment

Hi there! Welcome to Forex Market Analysis Today, It’s June 6th, 2024, and we have one more trading day left this week. Let’s see what the market has in store for us today.

By following this daily article series, you can learn price action trading. Good luck!

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.

At about 8:15 AM, the monetary policy statement for the Euro (EUR) will be released. The current rate is around 4.5%. This news can cause big changes for EUR pairs.

At about 8:30 AM, we have the unemployment claims report for the US dollar (USD). This event can also cause some changes, but not as much as the Euro news. Other than these two, there are no major events today.

EURUSD:

Looking at the EUR/USD pair, it’s still in an uptrend. On the 1-hour chart, you can see that 1.08600 acts as a support level. It’s unlikely the price will drop below this level because if it does, it signals a trend change. Recently, the price broke through resistance, went up, then came back down. This makes it more likely the price will go up again, but it might not happen right away. There could still be some corrections. However, it’s very likely the price will bounce back from the 1.08600 level. Keep in mind that if the price does break below this level, it might drop to the next support level.

USDCAD:

The USD/CAD pair also seems to be in an uptrend. Although it recently traded below its support level and then went back up, if you look at the 1-hour chart, you can see it’s on a medium-term uptrend. It has pulled back from the support level. We can expect the price to continue rising from this level to the previous high of around 1.37400. However, it could also break this level and drop down to around 1.36000.

USDJPY:

Looking at USD/JPY, it’s also in an uptrend. The price just bounced off a major support level, so we can expect it to keep going up. However, the price is now near a resistance level of 156.500. It’s likely the price will break this level and keep rising to 157.500. But there’s also a chance the price could pull back from 156.500. If the price drops below 154.500, it means the trend is reversing.

USDCHF:

The uptrend for USD/CHF is definitely broken, but we’re not sure if it’s now in a downtrend or just moving sideways. On the 1-hour chart, you can see the price pulling back from the support level of 0.88800. It went up to 0.89500, pulled back again, and is now trying to go up again. If the price breaks the 0.89500 level, it could reach 0.90000. However, there’s a good chance the price will pull back again from 0.89500 and keep going down. Also, if the 0.88800 level is broken, we can expect the price to drop even further.

GBPUSD:

Looking at GBP/USD, it’s in an uptrend but is now near the resistance level of 1.28000. On the 1-hour chart, you can see the price has been trending upwards. After reaching 1.28000, it pulled back below twice. If the price breaks above 1.28200, we can expect it to continue up to 1.29000. However, the price could also pull back again from 1.28000.

AUDUSD:

Looking at AUD/USD, it’s consolidating. On the 1-hour chart, you can see that 0.66300 is a strong support level. If the price breaks below this level, it might drop to 0.66000 and then pull back from there. Alternatively, the price could start rising from 0.66300. Watch out for breakouts.

NZDUSD:

Looking at NZD/USD, it’s in an uptrend, but the price is around a major resistance level of 0.62150. On the 1-hour chart, you can see it pulling back from that level. It’s likely the price will keep dropping to at least 0.61600. If it breaks that level, it could drop further to the next support levels. Also, keep in mind the price could break the 0.62150 resistance level and keep going up.

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!!!