Forex Price Action Forecast [2024.07.22]: Analysis of Major FX Pairs – EURUSD, USDJPY, GBPUSD, AUDUSD, USDCAD, USDCHF, and NZDUSD

Hi, welcome to xlearn’s daily forex market analysis for day traders. This analysis focuses on price action trading.

Before we jump into the actual analysis, let’s take a look at the major economic events that could affect the market.

Key Economic Events Today

These events encompass important global news, macroeconomic reports, and economic indicators. For more details, you can check the forex factory.

• There are no significant economic events that could impact the forex market today.

Forex Price Action Analysis

EURUSD:

EURUSD is in an uptrend, but it is currently in a correction phase and around the support level of 1.08800. Since the overall trend is bullish, we can expect the price to start going up. However, if the price breaks below this support, it will head to the next support level and might try to pull back there. So, watch for both breakout and reversal signals to confirm the trend.

USDCAD:

USDCAD broke below the major support and found support around 1.36000. Now it’s starting to go back up to the previously broken support, which should act as resistance due to the breakout. We can expect the price to start dropping from that level back to 1.36000. But if the price breaks above that resistance and continues to go up, then the downtrend is uncertain, and the price may enter an uptrend again.

USDJPY:

USDJPY is in a downtrend after breaking below major support. On the 1-hour chart, the price is trending down with periods of consolidation. It has started to move down again after a recent consolidation phase, and there is support around the 155.000 level. We can expect the price to reach this support before pulling back. If the price breaks below this support, it may continue to drop. So, watch for reversal and breakout signals.

USDCHF:

USDCHF is trending down. Right now, it has pulled back from a support level and is hovering around the resistance at 0.89000. If the price breaks above this resistance, we can expect the correction phase to continue, and the price may go up to the next resistance before pulling back. If the price starts to drop from the current resistance, we can assume the correction phase is over, and the price will continue its downtrend. So, watch for breakouts.

GBPUSD:

Looking at GBPUSD, it’s in an uptrend, but it might be reversing or in a correction phase. On the 1-hour chart, you can see that after the price reached a high around 1.30000, it pulled back to support around 1.29000 and is now consolidating at that level. If the price breaks below this support, we can expect it to enter a downtrend and continue dropping. On the other hand, if the price starts to go back up from this support, then the uptrend is still intact, and the price may start rising again.

AUDUSD:

AUDUSD was in an uptrend, but now it’s pulling back from the 0.68000 resistance level and may be entering a downtrend. On the 1-hour chart, the price has even broken below the 0.67000 support, retested that level, and continues to drop. If the downward momentum continues, we can expect the price to drop to the next support around 0.65800. If that level is also broken, the price may drop even further. So, watch for breakouts and reversals.

NZDUSD:

Looking at NZDUSD, it’s trending down after breaking the major support around 0.60500. The next support is around 0.58800, and we can expect the price to reach this area before pulling back up. However, 0.59500 is also a strong level for a possible reversal. Keep an eye on these round numbers for reversal signals. Watch for breakouts, as the price will head in that direction.

Conclusion & Disclaimer

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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 price action 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.

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.

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✌!!!