Market Analysis

Technical Analysis: Key Levels – Major Pairs & Gold – 9th August 2021

EURUSD, there will be a correction move to test again the 1.18000 level before dropping even further to test the 1.17000 level. On GBPUSD, there is high probability for the market to drop even further to test the 1.38000 level. On AUDUSD, expecting a continuation move towards 0.73000 level and if that level is broken than, the next possible level will be 0.72300 level. On NZDUSD, if 0.70000 level broken than the next possible level to test is the 0.69500 and 0.69000 level. On USDCHF, there is very high probability for the market continues to rise and test the 0.92000 level. On USDCAD, expecting market continue to rise to test the 1.26000 level. On USDJPY, the market is likely to continue rising to test the 110.700 level. Finally on GOLD, expecting price continue to drop to test the 1700 level before start rising to test the 1750 level.

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Technical analysis is a very common method used by investors to analyze the financial markets. The main benefit of learning forex technical analysis is to identify the relationships between price/volume and market indicators such as the moving average and MACD, etc. Why technical analysis is important for forex trading? According to studies, most successful forex traders rely on technical analysis to study the market. In the forex market, traders can use technical analysis to analyze the major pairs, Gold, and cryptocurrencies.

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