Welcome to our weekly market analysis from forexcracked.com!

This analysis article isn’t about telling you when to buy or sell. It’s about teaching you how to approach the market effectively. Every day, I follow the same routine before I start trading. This is the approach that they call price action trading.

In this article, I’ll briefly explain the technical aspects of what’s happening and what actions I would take in these situations. Your goal is to understand what I do so you can follow the same process on your own.

Upcoming Events for This Week

These events include macroeconomic reports, economic indicators, and, generally, what’s going on in the world. Only the most important ones are considered here. You can check the forexfactory.com for all the events.

24/06/2024

• Around 1:45 AM ET, BOC Governor Macklem speaks, which is a volatile news event for CAD pairs.

25/06/2024

• Around 8:30 AM ET, Canada releases its CPI data, an important measure of inflation. This is a volatile news event for CAD pairs.
• Around 10:00 AM ET, the US releases its CB Consumer Confidence Index report, which gives a brief outlook on the economy’s health. This is a slightly volatile event for USD pairs.
• Later, around 9:30 PM ET, Australia releases its CPI data, providing an outlook on inflation. This may cause some volatility in AUD pairs.

26/06/2024

• There are no important events scheduled for today.

27/06/2024

• Around 5:30 AM ET, BOE Governor Bailey speaks, a volatile event for GBP pairs due to important information in the speech.
• Around 8:30 AM ET, the US releases its final GDP report, a highly volatile event for USD pairs, along with the Unemployment Claims report.
• Banks in New Zealand are closed for a holiday, so expect low liquidity and high volatility.

28/06/2024

• Around 8:30 AM ET, Canada releases its GDP report, a highly volatile news event for CAD pairs.
• At the same time, the US releases its PCE index report, used by the Federal Reserve to measure inflation. This tends to cause some volatility in USD pairs.

Forex Market Analysis

EURUSD:

Now, looking at the EURUSD, it broke below the major support line. The next major support is now around 1.06000, and the major resistance is around 1.09000. and the price is falling.

Looking at the 1-hour chart, there is support indicated by the small trend line. Since the price is going down, we expect it to break below this support and drop to 1.06000, then pull back from there. If the breakout isn’t strong, the price might pull back from its current level and go back above the red line. So, watch out for breakouts.

USDJPY:

Looking at USDJPY, it’s uptrending. The trendline indicating the uptrend acts as the strongest support, while the 160 price level is the major resistance.

Looking at the 1-hour chart, you can see the price is almost near the resistance level. We can expect the price to pull back from there or it could break that level and continue going up, but a pullback is very likely. So, watch out for reversal signals and breakouts.

GBPUSD:

Looking at GBPUSD, the major resistance is around the 1.28100 level, and the major support is around the 1.25000 level. Right now, the price is pulling back from the resistance level.

Looking at the 1-hour chart, you can see that the price broke below the support and is consolidating around that level. We can expect the price to continue falling to the next support. If the price moves back above the support, GBPUSD might enter a sideways trend.

USDCHF:

Looking at USDCHF, it is trending downwards. The next support is around 0.87350, and the resistance is around 0.90000.

Looking at the 1-hour chart, you can see the price consolidated around the 0.88300 level and then pulled back up. Now, the price is heading for the resistance around 0.90000. Since the overall trend is down, we can expect the price to pull back from the 0.90000 level and go back to the support around 0.88300. Keep in mind that a breakout could happen in either direction and if it does, the price will follow the breakout direction.

USDCAD:

Looking at USDCAD, the price is getting squeezed, meaning there is pressure from both sellers and buyers. The two trendlines act as the major support and resistance for the price.

Looking at the 1-hour chart, you can see the price is trending down in a descending channel. This suggests the price should fall and find support around the major support line, then pull back and start going up. If the price breaks below this major support, the trend will change to a downtrend.

AUDUSD:

Looking at AUDUSD, it’s consolidating. The major support is around the 0.65700 range, and the major resistance is around 0.67000.

Looking at the 1-hour chart, after reaching a resistance level, the price is pulling back. We can expect it to continue falling to the support level around 0.65700. If the price starts going up from its current level and breaks the resistance, it might pull back from the 0.67000 range. Since the overall trend is consolidating, wait for a breakout. The direction of this breakout will determine the future trend.

NZDUSD:

Looking at NZDUSD, after the price reached the resistance around 0.62200, it pulled back and found support around the 0.61000 level.

Looking at the 1-hour chart, you can see the price is around the support level. We can expect it to continue going up to the resistance level, with some corrections along the way. However, if the price breaks below this support, the trend will change to a downtrend.

Commodities Market Analysis

GOLD:

Looking at XAUUSD, after the price reached the resistance level around 2432, it pulled back and found support around 2275.

Looking at the 1-hour chart, you can see the price is heading up from the support level, following a clear trend line. Right now, the price is at this trend line. We can expect it to pull back from this level and continue going up. However, if the price breaks below this line, it might find support around the major support level and pull back from there. If that level is also broken, the price will likely continue falling.

SILVER:

Looking at XAGUSD, it is uptrending. The trend line acts as major support, and the 32.400 level is the major resistance for the price.

Looking at the 1-hour chart, the situation is similar to XAUUSD. The price is currently at the major support line. We can expect it to pull back from this level and continue going up. However, if the price breaks below this support, it will likely keep falling. A break below 29.000 will confirm that the trend is broken.

CRUDE OIL:

Looking at OIL, it is trending upwards from a support level. Right now, the price is around 86, which is a small resistance level.

Looking at the 1-hour chart, you can see that the 86 level is a strong resistance, as the price failed to break it three times. There is support around the 85 level, and the price is currently consolidating between these levels. If the price breaks below this support, we can expect oil to fall to the 83.500 level. On the other hand, if the price breaks above the 86 level, it could continue up to the 90 level. Until a breakout happens, the price will consolidate, so wait for the breakout to confirm the trend.

Cryptocurrency Market Analysis

BTC:

Looking at BTC, it broke the support level around 67000, which now acts as resistance. The next support is around the 60000 level.

Looking at the 1-hour chart, the price is trending down. We can expect this trend to continue until it reaches the 60000 range. If the price breaks below the trendline indicating the downward move, it could fall sharply to the 60000 range. The price is also likely to pull back up from this trendline and the major support. Watch out for breakouts.

ETH:

Looking at ETH, the price pulled back from the 4000 range and is now trading around the support level of 3350.

Looking at the 1-hour chart, you can see the price is consolidating. It pulled back from the resistance level and is now moving sideways. We can expect the price to drop to the support level around 3350 and pull back from there. Keep in mind, the price could break either the support or resistance level, and that breakout will determine the future trend. So, watch out for breakouts.

BNB:

Looking at BNB, after reaching the high level of 720, it fell back, breaking the support around 635 and is now trading below that level. The next support is around the 508 level.

Looking at the 1-hour chart, you can see the price pulled back from the support level of 580 and is now around the resistance at 590, pulling back. If the price breaks above this resistance, it could go up to the 610 level. On the other hand, if it breaks below the support, it could fall to the 508 level. So, watch out for breakouts.

Conclusion & Disclaimer

Please provide your feedback in the comment section below on how we can further improve our market analysis. Thank you.

Let me know if you want me to include any other assets in the analysis.

It’s crucial to acknowledge the inherent unpredictability of financial markets. While we strive to offer informed perspectives on upcoming events and trends affecting various instruments, it’s important for readers to conduct their own analysis and exercise prudent judgment.

Encouragement of Independent Analysis

We strongly encourage readers to supplement the information presented here with their own research and analysis. Market dynamics can swiftly change due to a multitude of factors, and individual circumstances may vary. By conducting independent analysis, readers can tailor their strategies to align with their unique goals and risk tolerance.

No Certainty in Market Predictions

It’s vital to recognize that nobody possesses the ability to consistently predict market movements with absolute certainty. Market analysis serves as a tool to assess probabilities and identify potential opportunities, but it’s essential to remain cognizant of the inherent uncertainty in financial markets.

Aligning with High Probability

Rather than aiming for infallible predictions, our goal is to align with high-probability scenarios based on available information and analysis. This approach acknowledges the dynamic nature of markets while seeking to capitalize on opportunities with favorable risk-reward profiles.

Proceed with Caution

Lastly, while market analysis can offer valuable insights, it’s imperative to approach trading and investment decisions with caution. Markets can be volatile, and unforeseen events may impact asset prices unexpectedly. Exercise prudent risk management and consider seeking advice from qualified financial professionals before making any significant financial decisions.

Remember, the journey of financial analysis and investment is a continuous learning process, and embracing a disciplined approach can contribute to long-term success in navigating the complexities of global markets.

GOOD LUCK✌