Forex Price Action Forecast [2024.07.29]: Key Levels, Trends, and Market Insights for EURUSD, GBPUSD, USDJPY, USDCAD, AUDUSD, 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 big events today that could impact the market.

Forex Price Action Analysis

EURUSD:

EURUSD is pulling back from the resistance at 1.09500 and found support around 1.08250. It’s currently consolidating. If the downtrend continues, the price might drop to 1.08250 and possibly break below it. However, there is also a chance the price could break above the resistance around 1.08700. Wait for a breakout to confirm the trend.

USDCAD:

USDCAD is trending up and is now at a resistance level of 1.38500. If the price breaks above this resistance, it might continue rising to the next resistance areas, possibly to a round number. However, the price could also reverse from this resistance and start dropping to the support level. Watch for both reversal and breakout signals.

USDJPY:

USDJPY is trending down but is currently pulling back from the major support level at 152. It reached a resistance around 154.500 and is consolidating within that range. If the downtrend continues, we can expect the price to drop back to the support level and possibly break below it, continuing to drop. However, the price could also break above the resistance. If that happens, we can assume the downtrend is over, and the price will continue to rise to the next resistance area.

USDCHF:

Looking at USDCHF, it’s trending down and found support around the 0.87800 level. It pulled back and is now around the resistance level at 0.88600. If the price breaks above this resistance, we can expect it to continue to the next resistance around 0.89000. However, the price could also reverse from this resistance, so watch for that.

GBPUSD:

GBPUSD is pulling back from the resistance at 1.30000 and is now at a support level of 1.28000. If the price breaks below this level, we can expect a downtrend to start and the price to continue dropping towards 1.26000, though there might be corrections along the way. However, the price could also reverse and start going up, so watch for that.

AUDUSD:

AUDUSD is trending down. On the 1-hour chart, the price is consolidating between support and resistance levels. Right now, it’s near the resistance. If the downtrend is over, we can expect the price to break above this resistance and continue going up. But if the downtrend continues, the price may drop from this resistance and possibly break below the support, continuing to drop. Corrections are possible along the way.

NZDUSD:

NZDUSD is trending down and is currently at a support level of 0.58600. If the price breaks below this level, we can assume the downtrend will continue. However, if the price reverses from this support, we can expect it to go towards the 0.60400 level.

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✌!!!