Forex Market Analysis Today [2024.06.20]: Key Trading Events and Market Trends

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Key events include England’s monetary policy statement at 7:00 AM and the US Unemployment Claims report at 8:30 AM. Watch for significant moves in major pairs: EURUSD is uncertain, USDCAD and USDJPY are uptrending, USDCHF is downtrending, and both GBPUSD and AUDUSD are consolidating. NZDUSD is consolidating after breaking support. Stay alert for potential breakouts and market shifts!

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 7:00 AM, England releases its monetary policy statement, which is a highly volatile event for GBP pairs.
• Around 8:30 AM, the US releases its Unemployment Claims report.

EURUSD:

Looking at EURUSD, the trend is still uncertain. The price is trading around the major decision trend line shown in red. The major support level is around 1.06000, and the major resistance is around 1.09000.

Now, looking at the price action from the 1-hour chart: Yesterday, we saw a small upward momentum. Today, it seems like the price broke below that line and is trading lower. This suggests a potential continued drop. The price is currently at the major red line. If it breaks below this line again, the upward momentum is likely over, and we can expect the price to continue towards the support around 1.06000.

USDCAD:

Looking at USDCAD, it’s in an uptrend and price is getting squeezed by the triangle. This means there is pressure from both sellers and buyers. Eventually, one side will win. We’ll know the winner when the price breaks any of the trend lines on the chart. If the support is broken, the sellers are winning; if the resistance is broken, the buyers are winning.

Now, looking at the price action from the 1-hour chart, you can see the price is trading above a support line and has upward momentum. We can expect the price to continue rising from here. However, if it breaks below this level, it might find support around the next line shown. Overall, the price should keep going up, but watch out for breakouts.

USDJPY:

Looking at USDJPY, it’s in an uptrend. The trend line indicating upward momentum acts as the strongest support for the price, and the strongest resistance is around the 160 level.

Now, looking at the 1-hour chart, you can see the price is in an upward momentum and pulling back from the support level. Since it’s in an overall uptrend, we can expect the price to continue rising. If the price breaks below this support level, it might find support at the next level and pull back from there. Watch out for breakouts.

USDCHF:

Looking at USDCHF, it seems like it’s in a downtrend. The major support levels are around 0.88000 and 0.87000.

Looking at the one-hour chart, you can see that the price consolidated a lot before the monetary policy statement news. After the news, it went straight up, even breaking the resistance. Now, if USDCHF is in correction, we can expect the price to continue rising for a while. The sloped trend line on the chart will act as support. If the price breaks below this line today, the correction is likely over, and the price will head back in its original direction.

GBPUSD:

Looking at GBPUSD, after the price reached the major resistance level, it pulled back and is now consolidating.

Looking at the 1-hour chart, you can see that after the price reached a support level, it pulled back and is now heading up. There’s a small support level; if the price breaks below it, we can expect it to go back to the major support around 1.26500 and then pull back from there. Also, keep in mind that today England releases its monetary policy statement, which is highly volatile news. We can definitely expect a breakout today, and this breakout will set the future trend for GBPUSD.

AUDUSD:

Looking at AUDUSD, after being in an uptrend, the price is now consolidating. The major support is around the 0.65500 range, and the major resistance is around the 0.67000 level.

Looking at the AUDUSD price action on the 1-hour chart, you can see it’s trading near a resistance level. We can expect the price to pull back from this level or potentially break it and pull back from the next resistance shown on the chart. Since it’s consolidating, watch out for any major breakouts, as they will determine the future trend.

NZDUSD:

Looking at NZDUSD, after it broke the support level around 0.61200, it is now consolidating.

Looking at the 1-hour chart, you can see the price is trading around a resistance level and is pulling back. We can expect it to go to the support level and then start moving back up. However, if the price breaks any of these levels, that’s the direction it will continue to go. So, watch out for 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!!!