Forex Price Action Forecast [2024.07.24]: Key Support & Resistance Levels and Trends to Watch for Major Forex Pairs

Hi, welcome to xlearn’s daily forex market analysis for day traders. This analysis focuses on price action trading.

Before we jump into the actual analysis, let’s take a look at the major economic events that could affect the market.

Key Economic Events Today

These events encompass important global news, macroeconomic reports, and economic indicators. For more details, you can check the forex factory.

• 9:45 ET: The Bank of Canada will announce its monetary policy decision. This event could cause significant volatility in CAD pairs.

Forex Price Action Analysis

EURUSD:

EURUSD was trending upward, but it’s now pulling back from the 1.09400 resistance level. It broke below two other support levels and is currently trading below 1.08600. We can expect the price to continue this downward momentum toward 1.07000, but corrections are likely along the way, so watch for pullbacks around round numbers.

USDCAD:

Looking at USDCAD, it’s mostly consolidating. The strongest support for the price is around 1.36000, and the resistance is around 1.38500. On the 1-hour chart, the price is moving upward. We can expect this upward trend to continue until it reaches the 1.38500 level. The price may pull back from there, or it could break above and continue rising.

USDJPY:

USDJPY is trending down, with the price currently at the 155 support level. If the price breaks below this support, we can expect it to go down to 152. On the other hand, if the price pulls back from this support, we can expect it to rise to 157 before either pulling back again or breaking out.

USDCHF:

USDCHF is trending down but has recently pulled back from the 0.88200 support level. Since the overall trend is downward, we expect the price to drop back to this support level, possibly breaking below it and continuing to fall.

GBPUSD:

GBPUSD was trending upward but is now pulling back from the 1.30000 resistance level. It’s currently at the 1.28800 support level. If the price breaks below this support, we can expect it to continue down to 1.28200. However, the price could also start rising from its current level, so keep an eye on that too.

AUDUSD:

AUDUSD is trending down and nearing the major support level at 0.65500. We can expect the price to either turn around and start going back up from this support or break below it and continue dropping to the next support at 0.65000. So, watch for both reversal and breakout signals.

NZDUSD:

NZDUSD is also trending down and nearing the 0.58500 support. We can expect the price to either pull back from this support or break below it and continue dropping.

Conclusion & Disclaimer

Please provide your feedback on how we can improve this article. Thank you!

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 price action 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.

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.

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✌!!!