![Forex Market Analysis Today [2024.06.10]: Prices are Around Key Levels
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Hello ladies and gentlemen, Welcome to Forex Market Analysis Today. it’s Monday, June 10th, the second week of the month. We have CPI and FOMC reports coming out this week. Let’s see what the market has to say 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.
Nothing big is happening today that could affect the market.
EURUSD:
![EURUSD Forex Market Analysis Today [2024.06.10]
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![EURUSD Forex Market Analysis Today [2024.06.10]
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Looking at EURUSD, the price opened lower and found support at the red line as expected, so the EURUSD is still in an uptrend. Today, we can expect the price to continue rising from this red line to at least the 1.08000 level. However, if the price falls below the red line, it means the uptrend is over, and the price may start moving sideways or down.
USDCAD:
![USDCAD Forex Market Analysis Today [2024.06.10]
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![USDCAD Forex Market Analysis Today [2024.06.10]
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Looking at USDCAD, it is in an uptrend. On the 1-hour chart, you can see the price is heading towards the resistance level of 1.38000. We might see a pullback there, but if the price breaks above this resistance, we can expect it to keep going up to the next resistance level shown on the daily chart. Watch out for breakouts, as the price will continue to move in the direction of the breakout.
USDJPY:
![USDJPY Forex Market Analysis Today [2024.06.10]
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![USDJPY Forex Market Analysis Today [2024.06.10]
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Looking at USDJPY, it’s still in an uptrend and heading for the 160 level. On the 1-hour chart, the price is trading around the resistance level of 157.000. We might see a pullback to at least 156.500. If the price breaks this level, we can expect it to move up to the next resistance around 157.500. If that level is also broken, we can expect it to go even higher, as shown on the chart.
USDCHF:
![USDCHF Forex Market Analysis Today [2024.06.10]
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![USDCHF Forex Market Analysis Today [2024.06.10]
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Looking at USDCHF, the upward momentum has ended. On the 1-hour chart, the price found support around 0.89000 and pulled back to the resistance around 0.90000. If the price breaks above 0.90000, it could continue up to the next resistance. If the price pulls back from this level, it could drop back to the support. Watch out for breakouts.
GBPUSD:
![GBPUSD Forex Market Analysis Today [2024.06.10]
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![GBPUSD Forex Market Analysis Today [2024.06.10]
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Looking at GBPUSD, it’s in an uptrend. After reaching the resistance level around 1.28100, the price pulled back to the support at 1.27000. From here, the price might go up again, or it could break below this level. If it breaks below, we can expect it to drop to the next support around 1.26800. If that level also breaks, it could fall even further.
AUDUSD:
![AUDUSD Forex Market Analysis Today [2024.06.10]
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![AUDUSD Forex Market Analysis Today [2024.06.10]
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Looking at AUDUSD, it’s in a consolidation phase. The major support is at 0.65600, and the major resistance is at 0.67200. On the 1-hour chart, the price is at the support level of 0.65800. We can expect the price to either start going up from this level or break below to the next support. Since it’s consolidating, we should expect pullbacks from these supports. Watch out for breakouts.
NZDUSD:
![NZDUSD Forex Market Analysis Today [2024.06.10]
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![NZDUSD Forex Market Analysis Today [2024.06.10]
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Checking out NZDUSD, it’s in an uptrend. The price seems to find good support and resistance around 0.62150 and 0.60850. It needs to stay within this range. On the 1-hour chart, the price is near the support range, so it should start going up from here. Just remember, if the price breaks this support level, it might keep dropping further.
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!!!