Price Action Forex Forecast [2024.08.21]: Key Support, Resistance Levels, and Trends for Major Forex Pairs

Hi, welcome to xlearn’s daily price action forex forecast 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.

• 14:00 ET: FOMC Meeting Minutes, released 8 times a year, 3 weeks after the Federal Funds Rate announcement; These minutes provide a detailed overview of the FOMC’s recent meeting, outlining the economic and financial factors that influenced their interest rate decisions; A more hawkish stance than expected is positive for the currency.

Price Action Forex Market Analysis

EURUSD:

EURUSD is currently in an uptrend, sitting near the major resistance level around 1.11500. On the 1-hour chart, the price pulled back slightly before reaching that level, retreating from 1.11400. The next support levels to watch are around 1.11000, 1.10800, and 1.10600. We might see the price drop to these levels for a pullback. However, if the uptrend remains strong, the price should break above the 1.11400 resistance after this correction, which could lead to further gains. Be cautious if the price falls below 1.10600, as this could signal a deeper decline.

USDCAD:

USDCAD is in a downtrend, currently at the major support level of 1.36000. If the price breaks below this level, it could continue to drop towards 1.35000. However, a reversal is also possible around this support. There’s a minor resistance around 1.36500—if the price breaks above this level, a new uptrend might start. A breakout above 1.37000 would strongly confirm the uptrend.

USDJPY:

USDJPY is in a downtrend, with the price currently pulling back from the 145.000 support level. It’s approaching resistance around 146.500. We might see the price reverse at this resistance and continue its downtrend, or it could break above and move up to 147.500 before reversing. If 147.500 is also broken, a new uptrend could be starting. On the other hand, if the price drops back to 145.000 and breaks below it, the downtrend is likely to continue.

USDCHF:

USDCHF is also in a downtrend, currently trading around 0.85500. We might see the price drop from this level towards 0.83500. However, if the price breaks above 0.85500, it could continue moving up towards 0.87500.

GBPUSD:

GBPUSD is also trending up and is currently at the major resistance level of 1.30500, where it’s starting to pull back. Since this is a key resistance level, a reversal could happen here. If the price drops below 1.30000, it would confirm a reversal, and we might see the price fall to 1.29500 or lower. However, if the price breaks above the resistance, it could continue to rise towards 1.32000.

AUDUSD:

AUDUSD is also trending up, but the price is currently consolidating around the resistance level of 0.67600. If the price breaks above this level, it could continue rising towards 0.68000. However, if the price breaks below 0.67000, we might see it drop further towards 0.66400.

NZDUSD:

NZDUSD is also trending up and is currently at a resistance level of 0.61600, with the next resistance around 0.62200. If the price breaks above 0.61600, it could continue rising to 0.62200. However, the price might start to drop from its current level, finding support around 0.60800. If 0.60800 is broken, the price could continue to fall further.

Conclusion & Disclaimer

Subscribe to our Telegram channel to get instant updates on new articles.

Please provide your feedback on how we can improve this forex 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✌!!!