Forex Market Analysis Today [2024.06.03]: Most of Them Feels Bullish.

Hi there! Welcome to Forex Market Analysis Today. It’s June 3rd, 2024. It’s the first trading day and week of the month, so let’s take a look at some charts and trends.

Key Trading Events Today

These events encompass important global news, macroeconomic reports, and economic indicators. For more details, you can check the Forex Factory Economic Calendar.

Today, the ISM Manufacturing PMI report will be released around 10:00 AM EST. Besides that, there are no major events scheduled for today.

EURUSD:

Looking at EUR/USD, it’s still in an uptrend because the price is above the red trend line. Over the past few days, the price has been consolidating and is trading around the resistance level of 1.08900.

On the 1-hour chart, the price has tried and failed multiple times to break the 1.08900 resistance level. Currently, it’s trading just below this level. If the price breaks above 1.08900, we can expect it to keep going up. However, if it drops, it could fall to the support levels shown on the chart, possibly down to the red trend line. If the price breaks below the red trend line, it could signal a change in trend.

USDCAD:

Looking at USDCAD, it’s following an upward trend. Right now, it’s trading near a major support level, and it seems like it nearly broke through that level, but we’re not completely certain.

If you check the 1-hour chart, you’ll notice that the price is clearly below the main support line, indicating a potential trend break, but it might be a false signal. To confirm whether it’s a genuine breakout, there’s another support line around 1.36000. If the price breaks this level, then the trend is likely changing, and we might anticipate further price declines.

However, examining the chart, you’ll see that the price retreated from the 1.36000 level and is heading back inside the triangle. In light of this, we might expect the price to climb back up within the triangle and continue its upward trend, although it could face resistance along the way. Conversely, if the trend truly broke, then we might expect the price to reverse from the lower major support line and resume its downward movement. So, be vigilant for trend breakouts.

USDJPY:

Looking at USDJPY, it’s still on an upward trend and going strong, aiming for the 160 level. If you check the 1-hour chart, there’s support around the 156.600 level. Currently, the price is trading near the resistance level of 157.400.

What we can anticipate from this is that if the price manages to break above this resistance level, it could reach the 157.650 level or even higher if that level is also broken. On the other hand, if the price breaks below the support of 157.000, then we can expect it to drop to the 156.600 level. And if that level is also broken, we might expect the price to drop further to the next support levels.

USDCHF:

Checking out USDCHF, following the uptrend, now the price appears to be consolidating or moving sideways. The 0.90000 mark stands out as a strong support for the price.

Examining the 1-hour chart, the price is trading close to the support line. What we might anticipate from this is that the price could break below this 0.90000 level and initiate a new downtrend, continuing to decrease. Alternatively, the price could bounce back from 0.90000 and resume its upward movement. However, one thing is certain: the previous uptrend has concluded. Therefore, it’s advisable to wait for any breakout or reversal signals before considering entering a position.

GBPUSD:

Looking at GBPUSD, it’s currently on an uptrend and is trading close to a resistance level of 1.28000. If it manages to break through this level, the price is likely to continue rising.

Examining the 1-hour chart, you can see that 1.26800 and 1.28000 serve as the strongest support and resistance levels for the price, indicating a medium-term uptrend. From this, we can expect that if the price breaks above the 1.28000 level, it will likely continue to increase. Conversely, if the price breaks below 1.26800, we can expect it to decrease further.

AUDUSD:

Looking at AUDUSD, there’s a medium-term sideways trend happening, but overall, the trend is still bullish.

Examining the 1-hour chart, you can notice a support level around 0.66000 and a resistance around 0.66600. The price just retraced from that resistance level to 0.66300.

From this, we might expect that if the price manages to break above the resistance of 0.66600, it could continue to the 0.67000 range. On the other hand, if the price breaks below the 0.66300 level, we can anticipate it dropping to the 0.66000 range. And if that level is also broken, then we might expect it to drop to the 0.65600 range. So, it’s wise to wait for breakouts before entering positions.

NZDUSD:

Checking out NZDUSD, it’s currently on an uptrend. After breaking its resistance level of 0.60850, it has continued to trade above that level and is heading towards the 0.62150 level.

Examining the 1-hour chart, you can observe that 0.60850 now acts as a strong support for the price since its breakout, changing its role from resistance to support. Currently, the price is heading towards the 0.61700 range. From this, we can expect the price to continue rising. As long as the price remains above 0.60850, the trend is still bullish.

Disclaimer

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.

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 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.

I discussed these sectors and markets because when the entire market or sector goes through certain movements, most of the stocks within that market will also experience similar movements. So, by understanding what the market is doing, you can conduct your own analysis on specific coins or stocks.

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!!!