Forex Market Analysis Today [2024.06.07]: Prices are Around Key Levels

Hello, Good day to you! Welcome to Forex Market Analysis Today. It’s Friday, June 7, 2024, the last trading day of the first week. Let’s see what the market has to say today.

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.

Around 8:30 AM, the US and Canada will release their unemployment rate reports. This event can cause some volatility in the USD and CAD currency pairs.

EURUSD:

Looking at EURUSD, it is still on uptrend. On the 1-hour chart, the strongest support level is around 1.08600. The price is trading above 1.08900, but this level isn’t as strong as 1.08600. We can expect the price to keep going up. If it goes down, it shouldn’t drop below 1.08600. If it does, it might mean the trend is changing.

USDCAD:

Looking at USDCAD, it’s also in an uptrend. The price recently broke its strongest support level but went back up and is now trading around that level again. If the uptrend continues, we can expect the price to rise to at least 1.37400. If the price breaks below the support level again, the trend might be changing.

USDJPY:

Looking at USDJPY, it’s still in an uptrend and trading near its strongest resistance level. On the 1-hour chart, the price is dipping below support, which might mean the trend is changing. To confirm this, wait until the price drops below 154.500. If it does, the trend is changing. However, the price could also continue to rise from this major support level.

USDCHF:

Looking at USDCHF, it’s either in a downtrend or moving sideways since the upward momentum has ended. On the 1-hour chart, there’s support around the 0.88800 level. If the price breaks below this level, we can confirm it’s turning into a downtrend. However, the price might also bounce back from this level, so watch for breakouts.

GBPUSD:

Looking at GBPUSD, it’s in an uptrend but trading near a major resistance level. On the 1-hour chart, you can see the resistance is around 1.28000. If the price breaks above this level, it could go up to 1.29000. However, the price might also pull back from 1.28000.

AUDUSD:

AUDUSD is in a consolidation phase. On the 1-hour chart, there is support around 0.66400 and resistance around 0.67000. If the price breaks above 0.67000, it could rise to 0.68500, but it might also pull back from 0.67000. If the price drops below 0.66300, it could fall to at least 0.66000.

NZDUSD:

Looking at NZDUSD, it’s in an uptrend. The strongest resistance is around 0.62150. On the 1-hour chart, the price has broken below the support level. If the price is correcting, it might drop to 0.61600. If it breaks above the resistance at 0.62150, it could rise to 0.64000, but expect some corrections along the way.

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.

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!!!