Forex Market Analysis Today [2024.06.13]: Key Trends and Predictions

Forex Market Analysis Today [2024.06.13]: Key Trends and Predictions
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Hello, Welcome to Forex Market Analysis Today!

In today’s analysis, we’ll cover key trading events and provide insights into the current market trends for major currency pairs. Stay tuned for detailed breakdowns and predictions based on the latest price action.

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, we have the PPI and Unemployment Claims report coming out.
  • Additionally, Japan is releasing its Monetary Policy Statement later today.

EURUSD:

EURUSD Forex Market Analysis Today [2024.06.13]
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EURUSD Forex Market Analysis Today [2024.06.13]
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Looking at EURUSD, it is still in an uptrend. After the CPI and interest rate news yesterday, it pulled back from a major support level, found resistance around the 1.08500 level, and corrected to the 1.08000 level. From this price action, we can expect the price to rise from 1.08000 to at least 1.08500. If the price breaks this level, it may continue to go up. Watch for breakouts, as the price will likely continue in the direction of breakout.

USDCAD:

USDCAD Forex Market Analysis Today [2024.06.13]
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USDCAD Forex Market Analysis Today [2024.06.13]
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Looking at USDCAD, it is also in an uptrend. Yesterday, the price touched a major support level after the news, showing that this support is very strong and the price couldn’t break it. The price pulled back from this level and is now trading around 1.37300. From this price action, we can expect the price to go up from here to at least 1.37800. If it breaks this level, it should continue to go up. Watch for breakouts in both directions.

USDJPY:

USDJPY Forex Market Analysis Today [2024.06.13]
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USDJPY Forex Market Analysis Today [2024.06.13]
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Looking at USDJPY, it is also in an uptrend. Similar to USDCAD, it found support at the major support line after the news. Right now, the price is trading around the resistance level of 157.500. We might see a pullback from here, or the price could break above this level and continue to go up. Watch for breakouts.

USDCHF:

USDCHF Forex Market Analysis Today [2024.06.13]
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USDCHF Forex Market Analysis Today [2024.06.13]
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As for USDCHF, the upward momentum is over, and we’re not sure if the price is in a downtrend or moving sideways. Looking at the 1-hour chart, 0.88800 seems to be good support, and 0.89900 is a resistance level. We can expect the price to trade within this range, but a breakout could happen at either level. The direction of the breakout will indicate the future trend. So, watch for breakouts.

GBPUSD:

GBPUSD Forex Market Analysis Today [2024.06.13]
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GBPUSD Forex Market Analysis Today [2024.06.13]
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Looking at GBPUSD, after the news, it broke the resistance level around 1.28000 but then went back down. Now it’s trading below that level. From this price action, we can expect the price to go up to the next resistance around 1.29000. However, if the price breaks below the 1.27000 range, the trend might be changing. So, watch for breakouts.

AUDUSD:

AUDUSD Forex Market Analysis Today [2024.06.13]
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AUDUSD Forex Market Analysis Today [2024.06.13]
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Looking at AUDUSD, it’s consolidating. After the news, the price hit resistance and fell back to a support level. Now it’s trading above that support level. From this price action, if the price breaks below the support level, we might see it fall to 0.65800 and then pull back up. On the other hand, if the price breaks the resistance around 0.67000, we can expect it to continue going up.

NZDUSD:

NZDUSD Forex Market Analysis Today [2024.06.13]
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NZDUSD Forex Market Analysis Today [2024.06.13]
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Looking at NZDUSD, it’s in an uptrend. After the news, the price reached a resistance level around 0.62200 and then pulled back. Looking at the 1-hour chart, you can see medium-term upward momentum, and the price is above that line. From this price action, the price could go back up to the resistance level from this support line. Or, it could break that line and fall further, so watch for breakouts. If the momentum is strong, it could also break above the resistance and continue 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!!!

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