Price Action Forex Forecast [2024.08.26]: Key Price Levels and Trends for Major Forex Pairs – USD Weakens as FED Signals Rate Cuts Starting in September

Hello, and welcome to xlearn’s daily price action forex forecast for day traders. If this is your first time here, I recommend reading our guide on how to use our market analysis article before diving into this one.

By following these articles, you can learn how to read prices and perform price action trading.

Before we get into the analysis, let’s quickly review the major economic events that could impact 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.

• UK banks will be closed for the Summer Bank Holiday. Since banks handle most foreign exchange trades, their closure makes the market less active. With less liquidity, speculators play a bigger role, which can cause unusual low or high volatility.

Price Action Forex Forecast

EURUSD:

EURUSD is in an uptrend, with the price currently at the key resistance level of 1.12000 and consolidating. We might see a pullback to 1.11400, and if that level breaks, it could drop further to 1.11000. A break below 1.11000 could signal the start of a downtrend, potentially driving the price down to 1.09600. However, if the price breaks above the major resistance at 1.12000, the uptrend is likely to continue.

USDCAD:

USDCAD is trending down, with the price consolidating around the major support level of 1.35000. Since the overall trend is bearish, we might see the price break below this support and continue down toward 1.34000. However, there could also be a pullback from 1.35000 up to 1.36000. Be prepared for signals of both a reversal and a breakout.

USDJPY:

USDJPY is also trending down, with the price currently consolidating at the support level of 143.500. If the price breaks below this level, it could continue dropping toward 141.000. On the other hand, we might see a pullback from 143.500 up to the 146.500 range.

USDCHF:

USDCHF is also trending down, with the price currently at 0.84550. If the price breaks below this level, it could continue down toward 0.83500. However, keep an eye out for a possible reversal—if the price breaks above the resistance at 0.85500, we could see an uptrend begin.

GBPUSD:

GBPUSD is trending up, with the price currently consolidating around the resistance level of 1.32500. If the price breaks above this level, it could continue rising toward 1.33000. However, if the price breaks below the support level of 1.31500, we might see it drop toward 1.30500.

AUDUSD:

AUDUSD is trending up, but it’s currently at the major resistance level of 0.68000 and pulling back. There are supports around 0.67500 and 0.67000—if the price breaks below these levels, a new downtrend could start. However, if the price breaks above the 0.68000 resistance, the uptrend is likely to continue, and we could see the price move toward 0.68500.

NZDUSD:

NZDUSD is trending up, but the price is currently at the 0.62400 resistance level and pulling back. There’s support around 0.61800—if the price breaks below this support, a new downtrend might start. However, if the price breaks above the 0.62400 resistance level, we can expect it to continue rising toward 0.63500.

Conclusion & Disclaimer

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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✌!!!