Price Action Forex Forecast [2024.08.29]: Key Price Levels and Trends for Major Forex Pairs – EURUSD at Major Resistance Level: Will the Uptrend Continue?

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.

• The German Preliminary CPI m/m is being released throughout the day. This report shows the change in prices of goods and services bought by consumers, with the previous figure at 0.3% and the forecast at 0.0%. If the ‘Actual’ number is higher than the forecast, it’s good for the currency. This event lasts all day because it includes data from six German states, each reporting their CPI at different times. There are two versions of the CPI, released about 15 days apart—Preliminary and Final. The Preliminary release is the earliest major consumer inflation report for the Eurozone. Since consumer prices make up most of the overall inflation, this report is crucial for currency values. When prices rise, central banks often raise interest rates to control inflation.
• 8:30 ET: The US Preliminary GDP q/q is being released. This report shows the annualized change in the value of all goods and services produced by the economy. Both the previous and forecast figures are 2.8%. If the ‘Actual’ number is higher than the forecast, it’s good for the currency. Although this is quarterly data, it’s presented in an annualized format (quarterly change multiplied by 4). There are three versions of the GDP released a month apart: Advance, Preliminary, and Final. The Advance release is the earliest and usually has the most impact. GDP is the broadest measure of economic activity and a key indicator of the economy’s health.

Price Action Forex Forecast

EURUSD:

EURUSD is in an uptrend. The price pulled back from the resistance at the 1.12000 level, dropped to the support at 1.11000, then moved back up to 1.11400 before starting to drop again. If the price breaks below the 1.11000 level, we can expect it to continue falling toward 1.09500. On the other hand, if the price starts rising from 1.11000 and breaks above the resistance at 1.11400, we can expect the uptrend to continue toward 1.12000.

USDCAD:

Looking at USDCAD, it’s in a downtrend. The price broke below the major support level of 1.35000 and found support around 1.34400. It then pulled back to 1.35000 and is starting to drop again. Since it’s downtrending, if the price breaks below the 1.34400 support level, we can expect it to continue toward 1.33800. On the other hand, if the price breaks above the 1.35000 level, we could see a correction or reversal toward 1.36000.

USDJPY:

USDJPY is also in a downtrend. Looking at the 1-hour chart, you can see that the price is consolidating between the support at 143.500 and the resistance level at 145.250. Since it’s downtrending, we can expect the price to drop and break below the 143.500 support level, continuing toward 141.000. On the other hand, if the price breaks above the 145.250 resistance, we can expect it to move toward 146.500, and if that level is also broken, a reversal or correction phase toward 150.000 could occur.

USDCHF:

USDCHF is also in a downtrend, with the price at the major support level of 0.84000 and pulling back up. There’s now resistance around 0.84500. If the price breaks above this level, we can expect a correction or reversal toward 0.85500. On the other hand, if the price breaks below 0.84000, we can expect it to drop toward 0.83500, and if that level is also broken, the price may continue to drop further.

GBPUSD:

GBPUSD is in an uptrend. Right now, the price is consolidating between the support at 1.31500 and the resistance at 1.33000. If the price drops to the support, we can expect a pullback around that level, and the price may start to go back up since the overall trend is up. However, if the price breaks below 1.31500, it could drop to 1.30500. On the other hand, if the price starts to rise from its current level and reaches 1.33000, we might see a pullback to 1.31500. If the price breaks above 1.33000, it may continue to go up.

AUDUSD:

AUDUSD is trending up, and the price has broken above the major resistance level of 0.68000. Right now, there’s a small resistance around the 0.68200 range. If the price breaks above this level, which is more likely since it already broke the major resistance, we can expect it to move toward 0.68500. On the other hand, we might also see a pullback to the 0.67600 level.

NZDUSD:

Looking at NZDUSD, it’s trending up. Right now, the price is at the resistance level of 0.63000 and pulling back. If the price breaks below the support at 0.62600, we can expect it to drop to 0.62200. On the other hand, since the overall trend is up, we can expect the price to break above the resistance at 0.63000 and continue moving up toward 0.63600.

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.

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