Price Action Forex Forecast [2024.08.28]: Key Price Levels and Trends for Major Forex Pairs – USD Continues Weakening Ahead of Expected Rate Cuts

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.

• There are no major economic events today that could greatly impact the forex market.

Price Action Forex Forecast

EURUSD:

EURUSD is trending up, but the price is currently pulling back from the major resistance level of 1.12000 and is now around the support range of 1.11500, indicating a correction phase. If the price breaks below this support, we could see it drop to 1.11000 and potentially further if that level is also broken. However, if the price starts to rise and breaks above the 1.12000 resistance, it may continue to climb toward 1.12800.

USDCAD:

USDCAD is trending down after breaking below the 1.35000 support and is now moving towards the 1.34000 support. Given the overall bearish trend, we can expect the price to continue in this direction. There might be a pullback around 1.34000, but if the price breaks below this level, it could keep dropping toward 1.32000.

USDJPY:

USDJPY is also trending down, with the price currently at the 143.500 support level and pulling back. If the price breaks below this support, we can expect it to drop toward 141.000. On the other hand, if the price starts to rise, it might pull back around the 146.500 resistance level, and if it breaks above that, it could go up to 149.000. However, since the overall trend is bearish, it’s likely the price will break below the support and head towards 141.000.

USDCHF:

USDCHF is also trending down and is currently heading toward the 0.83500 support level. We can expect the price to reach this support and either pull back or break below it and continue dropping further, given the overall bearish trend.

GBPUSD:

GBPUSD is trending up and moving towards the resistance level of 1.33000. However, the price seems to be in a correction phase. There’s support around 1.31500, and we can expect the price to drop to this level and then possibly reverse and start going up. If the price breaks below that support, it could continue dropping towards 1.30500. Keep in mind, if the price reaches the 1.33000 resistance, we might see a pullback, but if it breaks above, the uptrend could continue.

AUDUSD:

AUDUSD is also trending up, with the price currently consolidating around the major resistance level of 0.68000. If the price breaks above this level, it could continue rising toward 0.68600. However, there might be a reversal or correction from this resistance, causing the price to drop toward 0.67600, and if that level is broken, it could fall further to 0.67000.

NZDUSD:

NZDUSD is also trending up after breaking above the resistance level of 0.62200. The price is currently consolidating around the 0.62600 resistance level. Given the upward trend and the recent break above resistance, we can expect the price to potentially break this 0.62600 level and continue rising toward 0.63600, with possible pullbacks along the way. However, if the price drops below the 0.62200 support, it could fall further to 0.62000, and if that level is broken, it may head down to 0.61600.

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✌!!!