Price Action Forex Forecast [2024.08.27]: Key Price Levels and Trends for Major Forex Pairs – Markets Pricing in for the Next FOMC.

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.

• 10:00 ET: The US CB Consumer Confidence report will be released. This report shows the level of confidence among surveyed households, with the previous reading at 100.3 and the forecast at 100.9. If the actual number is higher than the forecast, it’s positive for the currency. This report comes out monthly on the last Tuesday of the month. Consumer confidence is important because it’s a key indicator of spending, which drives most of the economy.
• 21:30 ET: Australia will release its year-over-year CPI report, which measures the change in the price of goods and services bought by consumers. The previous reading was 3.8%, and the forecast is 3.4%. If the actual figure is higher than the forecast, it’s positive for the currency. Consumer prices make up the bulk of overall inflation. Inflation is crucial for currency value because higher prices often lead the central bank to raise interest rates to control inflation.

Price Action Forex Forecast

EURUSD:

EURUSD is trending up, just like yesterday. The price is consolidating around the resistance level of 1.12000, with two support levels at 1.11500 and 1.11000. Since it’s in an uptrend, we can expect the price to break above the 1.12000 resistance level and move up toward 1.13000. However, if the price drops below the 1.11000 support level, we could see a new downtrend, possibly heading toward 1.09500.

USDCAD:

USDCAD is trending down, and the price has broken below the 1.35000 support level and is now consolidating. Since this level is broken, we can expect the price to drop toward the 1.34000 level. However, if the price moves back above 1.35000, we might see a correction, with the price possibly heading toward 1.36000.

USDJPY:

USDJPY is also trending down. Right now, the price is pulling back and correcting from the 143.500 support level. We can expect the price to continue up toward 147 and then start dropping again from there. However, if the price breaks above 147, it could head back to the 150 level. On the other hand, if the price drops back and breaks below 143.500, we can expect it to fall toward 141.

USDCHF:

USDCHF is also trending down. On the 1-hour chart, the price is consolidating between the 0.84500 support and 0.85000 resistance. The future trend depends on which way the price breaks out. If the price breaks above the resistance, we can expect it to move toward 0.85500. If that level is also broken, the price might continue up to the 0.87000 range. On the other hand, if the price breaks below the support, it could drop toward 0.83500. If that level is also broken, we can expect the price to fall even further.

GBPUSD:

GBPUSD is trending up, and the price is near a small resistance at 1.32500. If the price breaks above this level, we can expect it to keep rising toward the 1.33000 resistance. If that level is also broken, the price may continue climbing, but we should expect some pullbacks around these resistance levels.

AUDUSD:

AUDUSD is also trending up, with the price currently at the 0.68000 resistance level. If the price breaks above this level, we can expect it to continue rising toward the next resistance at 0.68600. However, if the price breaks below the 0.67600 support level, we can expect it to drop to the 0.67000 level.

NZDUSD:

NZDUSD is also trending up. On the 1-hour chart, the price is at the 0.62500 resistance level and consolidating. If the price breaks above 0.62500, we can expect it to continue rising toward 0.63500. However, keep an eye out for the price breaking below 0.61500; if that happens, we could see a correction or a reversal down to the 0.60500 range.

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✌!!!