Forex Market Analysis Today [2024.06.17]: Key Insights on Major Currency Pairs

Good morning, everyone. Welcome to Forex Market Analysis Today!

It’s Monday morning, June 17th, 2024, We’ll be diving into the latest trends and developments across major currency pairs, including EURUSD, USDCAD, USDJPY, USDCHF, GBPUSD, AUDUSD, and NZDUSD. Stay tuned as we analyze current price actions and potential trading opportunities.

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 will release the Empire State Manufacturing Index report, which can cause some volatility in USD pairs.
• Later, technically at 12:30 AM tomorrow, Australia will release its monetary policy statement, a major event that can create significant volatility in AUD pairs.

If you’re trading AUD pairs, keep an eye on the monetary policy statement news. The Empire State Manufacturing Index can also cause some volatility across all pairs due to its impact on the USD, though not as much as FOMC or CPI news. Trade safe.

EURUSD:

Looking at EURUSD, it broke the major support line, so it’s no longer in an uptrend. It should either be in a downtrend or a sideways trend. The major support for the price is now around 1.06000, and the major resistance is around 1.09000.

Looking at the 1-hour chart, you can see the price is pulling back to the previous support level, which should now act as resistance. We can expect the price to fall back from that red line to the support level around 1.06000. However, there is also a chance the price could break above this red line and keep going up, so watch out for breakouts.

USDCAD:

Looking at USDCAD, it’s in an uptrend. The lower slope trendline acts as the strongest support for the price, and there is resistance around 1.38000, with major resistance shown by the trendline above.

Looking at the 1-hour chart, the price action suggests that the price should stay between these two trendlines, as it has before. If the price drops to the lower line, we can expect it to bounce back to the resistance. If the price reaches the resistance, it might pull back to its average level. However, there is a chance of a breakout in either direction, so wait for the breakout to confirm the future trend. Until then, the price should stay within this range.

USDJPY:

Looking at USDJPY, it’s in an uptrend. The slope trendline acts as the major support for the price, while the major resistance is around the 160 level.

Now looking at the price action on the 1-hour chart, you can see that the price has found support around the trendline multiple times. If the price falls back to that level, we can expect the same support. There’s also resistance around the current trading level, which the price hasn’t been able to break above. Since it’s in an uptrend, the price is most likely to break above this resistance and continue going up. However, if the price falls to the support, it should bounce back. Keep in mind that if there’s a breakout, the price will continue in the direction of the breakout.

USDCHF:

Looking at USDCHF, after the price broke out of the upward channel, it found support around 0.89000 and is now consolidating there. The price should either be in a sideways trend or a downtrend. If the price breaks below this support, it will confirm a downtrend.

Looking at the 1-hour chart, you can see the price found support around the 0.89000 level multiple times. Right now, the price is pulling back from this support level. We can expect the price to continue up to the resistance level and then pull back from there. However, keep in mind that a breakout is highly likely. As mentioned above, the price will continue in the direction of the breakout, so watch out for breakouts.

GBPUSD:

Looking at GBPUSD, it’s in an uptrend. However, after the price reached the resistance level around 1.28000, it pulled back and is now heading towards a support level.

Looking at the 1-hour chart, you can see that the price is trading very close to the support line around 1.26500. We can expect the price to bounce back from here and continue upward, or it could break below this level and decline further. Keep an eye out for reversal and breakout patterns.

AUDUSD:

Looking at AUDUSD, it has been consolidating for the past month. The Bollinger Bands are close together, indicating the price is moving sideways with low volatility. The major support for the price is around 0.65500, and the resistance is around the 0.67250 level.

Now looking at the price action on the 1-hour chart, you can see that the price is approaching a support level around 0.65800. We can expect the price to bounce back from here. If this level is broken, the next support could be around 0.65600, where the price may also rebound. However, there is a possibility that the price could break below both of these supports. If that occurs, we could consider AUDUSD to be in a downtrend. Keep an eye out for any breakout.

NZDUSD:

Looking at NZDUSD, it’s in an uptrend. After reaching a resistance level around 0.62150, the price pulled back to find support around 0.61000.

Looking at the price action on the 1-hour chart, you can see that the price is approaching a support level. We can anticipate two scenarios: either the price will bounce back from this support level and move up toward the resistance, or it will break below this support and continue falling to the next support level. Keep an eye out for any potential breakouts.

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!!!