Forex Market Analysis Today [2024.06.28]: EURUSD Consolidates, USDJPY Above 160, Watch for Breakouts

The eternal sun guides us! Welcome to Forex Market Analysis Today!

• EURUSD: Consolidating near the trend line with support at 1.06000 and resistance at 1.09000. Watch for a potential drop below support.
• USDCAD: In an uptrend, with support at 1.36800. Expect a pullback and continuation of the uptrend.
• USDJPY: Uptrend above 160 resistance, now support. A drop below 160 indicates a correction.
• USDCHF: Trending down but correcting near 0.90000 resistance. Watch for a pullback or breakout.
• GBPUSD: Pulling back from 1.28100 resistance, heading toward 1.25000 support.
• AUDUSD: Consolidating with support at 0.65800 and resistance at 0.67000. Watch for breakouts.
• NZDUSD: Broke support, heading toward 0.59000. Watch for further drops or consolidation.

Key Economic Events Today

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

• At 8:30 AM ET, Canada will release its GDP m/m, a highly volatile event for CAD pairs.
• At the same time, the US will release its PCE report, which the FED uses to measure inflation, impacting USD pairs.

EURUSD:

Analyzing EURUSD, it continues to consolidate near the major trend line, with key support around 1.06000 and key resistance around 1.09000.

Looking at the 1-hour chart, you can see the key support around 1.06700 and resistance around 1.07500. The price reached the support, pulled back, went up, and pulled back again, now hovering around the major trend line. Since it’s a sideways trend, if the price falls to the support, it will likely bounce back up. If it reaches the resistance, it may pull back from there as well. However, the price is more likely to break below the support and continue dropping, so watch out for breakouts.

USDCAD:

Looking at USDCAD, it’s in an uptrend, with the trend lines on the chart acting as the major support and resistance for the price.

Looking at the 1-hour chart, you can see that the price pulled back from the support and is heading up. There is support around 1.36800, so if the price drops to this level, we can expect another pullback. Since it’s in an uptrend, the price is more likely to continue going up.

USDJPY:

Looking at USDJPY, it’s in an uptrend and has broken the major resistance around 160. It is now trading above that level.

Looking at the 1-hour chart, you can see that the price broke the resistance, pulled back to it, and continued to go up. We can expect the price to keep rising. The 160 level will now act as support. If the price drops below this level again, it indicates a correction.

USDCHF:

Looking at USDCHF, it’s trending down, but now it seems to be in a correction. The major resistance for the price is around 0.90000, and the price is currently at that level.

Looking at the 1-hour chart, you can see the price at the 0.90000 level. We can expect the price to pull back and go down from here to the next support. However, if the price breaks above 0.90000, it will likely continue to go up, indicating that the correction is still ongoing.

GBPUSD:

Looking at GBPUSD, it’s pulling back from the resistance level at 1.28100, and now the price is heading toward the support around 1.25000.

Looking at the 1-hour chart, you can see that the price is trending down. Right now, the price is at the 1.26500 level. We can expect the price to pull back down from this level to the support, indicating a downtrend on the chart and continuing to drop with that trend.

AUDUSD:

Looking at AUDUSD, it’s consolidating. Until the price breaks either the support or the resistance indicated on the chart, it will continue to consolidate.

Looking at the 1-hour chart, you can see that after the price reached a resistance level, it pulled back. We can expect the price to go to the support around 0.65800. If the price breaks below this level, it could drop to 0.64800. Keep in mind that breaking major support and resistance levels will determine the future trend, so watch out for breakouts.

NZDUSD:

Looking at NZDUSD, it consolidated for a bit and now it seems like it broke the support. The next support for the price is around 0.59000.

Looking at the 1-hour chart, you can see that the price broke the support. We can expect the price to fall from this level to the next support. If the price goes back above the support, we can expect it to consolidate at that 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✌!!!