Forex Price Action Forecast [2024.08.09]: Key Support & Resistance Levels, Trends, and Insights for Major Forex Pairs

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.

• 8:30 ET: Canada will release its Unemployment Rate. This figure shows the percentage of people in the workforce who are unemployed and actively looking for work during the past month. The previous rate was 6.4%, and the forecast is 6.5%. If the actual rate is lower than the forecast, it’s positive for the currency. While the Unemployment Rate is often seen as a lagging indicator, it is a key measure of economic health since consumer spending is closely linked to job market conditions.

Forex Price Action Analysis

EURUSD:

EURUSD is in an uptrend but recently pulled back from the 1.10000 resistance level. Now, it’s consolidating between 1.09600 and 1.09000, with a false breakout at the support level. If the pullback turns out to be a reversal, the price may break below the support and start a new downtrend. However, if it’s just a pullback, we could see the price return to 1.09600, break above it, and continue toward the major resistance at 1.10000.

USDCAD:

USDCAD is in a downtrend and is currently consolidating between 1.37600 and 1.37200. Since the trend is down, we can expect the price to break below the support and continue falling toward 1.36000. However, if the price breaks above the 1.37600 resistance, it may rise to 1.38000. If 1.38000 is also broken, we could see the start of a new uptrend, with the price moving toward the 1.38600 range.

USDJPY:

USDJPY was in a downtrend but pulled back from the major support at 140 and is now trading above that level. It’s currently consolidating around the resistance at 148. If the price begins an uptrend, we can expect it to break above this 148 resistance and continue rising toward 152. However, if the price is just correcting, we may see it drop from this resistance and fall back to the 140 level.

USDCHF:

USDCHF is in a downtrend, but like USDJPY, it’s pulling back up and consolidating around the 0.87000 range. If the price breaks above this level, we can expect it to continue rising to 0.87500, and if that level is also broken, it may go up to 0.88000. However, the price could also start dropping from this resistance, so keep an eye out for both reversal and breakout signals.

GBPUSD:

GBPUSD is generally in a downtrend, but if you look at the 1-hour chart, you’ll see that after consolidating around the 1.26500 support range, the price started moving up. Now, the resistance is around 1.28000. If the price begins an uptrend, we can expect it to break above this 1.28000 resistance and continue rising. However, the price could also reverse from the 1.28000 level, so keep an eye out for both reversal and breakout signals.

AUDUSD:

AUDUSD was trending down, but it seems like it’s starting an uptrend from the major support at 0.64000. Now, the price is trading around the 0.66000 range. If the uptrend is real, we can expect the price to move above this level and continue toward 0.67000, but pullbacks might happen along the way.

NZDUSD:

NZDUSD was trending down, but it seems to have reversed and started an uptrend from the major support at 0.58500. Now, the price is at a resistance level of 0.60500. We might see a pullback at this level, or the price could break above it and continue moving toward the 0.61500 range.

Conclusion & Disclaimer

Please provide your feedback on how we can improve this article. Thank you!

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✌!!!