Forex Market Analysis Today [2024.06.26]: Key Trends, Support and Resistance Levels for Major Forex Pairs.

Hello there, Welcome to Forex Market Analysis Today!

• EURUSD is still hovering near the main trend line, with key support at 1.06000 and key resistance at 1.09000.
• USDCAD is in an uptrend but seems to have broken support, indicating possible indecision. USDJPY remains in an uptrend and is very close to the major resistance level of 160.
• USDCHF is trending down, with major support at 0.87350 and major resistance at 0.90000.
• GBPUSD is trending down, with resistance at 1.28100 and support at 1.25000.
• AUDUSD is consolidating between 0.67000 and 0.65750, with future trends dependent on breakouts.
• NZDUSD pulled back from resistance at 0.62250 and is now near support at 0.61000. Watch out for potential breakouts and market shifts 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.

There are no events scheduled today that could cause volatility in forex pairs.

EURUSD:

For EURUSD, it’s still hovering near the main trend line, with key support around 1.06000 and key resistance around 1.09000.

Looking at the 1-hour chart, you can see support around 1.06700. If the price breaks this level, it may drop further to the major support at 1.06000. On the other hand, the price could bounce back from this level and go up, so keep an eye out for breakouts.

USDCAD:

Looking at USDCAD, it’s in an uptrend, but it seems the price has broken support. However, we can’t confirm the breakout yet. Yesterday’s candle is a doji, indicating indecision. When today’s candle closes, we’ll have a better idea of where the price might go next.

Looking at the 1-hour chart, you can see support around 1.36200, as the price pulled back after a breakout. Now, the price is going up, but there’s a trend line showing a medium-term downtrend. If the price breaks above this trend line, it means the upward momentum is still there, and the breakout might have been false. On the other hand, the price could pull back from the trend line and continue dropping to the support around 1.36200.

USDJPY:

Looking at USDJPY, it’s still in an uptrend, and the price is very close to the major resistance level of 160.

Looking at the 1-hour chart, you can see the price is near resistance. We can expect two things: either the price will break above this resistance and continue going up, or it will pull back from the resistance and drop to the support around 158.250.

USDCHF:

Looking at USDCHF, it’s trending down. The major support for the price is around 0.87350, and the major resistance is around 0.90000.

Looking at the 1-hour chart, the price is moving up towards the resistance around 0.90000. We can expect two scenarios: either the price will break above this trend line and continue going up, or it will pull back from this line and drop back down.

GBPUSD:

Looking at GBPUSD, it’s trending down. The major resistance is around 1.28100, and the major support is around 1.25000.

Now looking at the 1-hour chart, you can see a small resistance around 1.27000, and the price is pulling back from that level. If the price breaks above this level, we can expect it to keep going up. Otherwise, it could drop to the support around 1.26400. If that level is broken, the price might continue to fall to the next support around 1.26200, and if that is also broken, it could head to the major support at 1.25000.

AUDUSD:

Looking at AUDUSD, it’s consolidating between 0.67000 and 0.65750. price breaking above or below these levels will determine the future trend for AUDUSD.

Looking at the 1-hour chart, you can see the price is at a resistance level and has slightly broken above it. If this is a true breakout, we can expect the price to move up to the resistance around 0.67000 and possibly pull back from there. Alternatively, the price might pull back from its current level. Keep in mind that a breakout will determine the future trend, so watch out for breakouts.

NZDUSD:

Looking at NZDUSD, after reaching the resistance around 0.62250, it pulled back down. There is support around 0.61000.

Looking at the 1-hour chart, you can see the price is consolidating near the support, which means it hasn’t been able to break below that level. We can expect the price to start going up from here to the resistance. However, if the price breaks below this level, we can expect it to keep dropping.

Conclusion & Disclaimer

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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.

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