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Weekly Analysis

Forex Technical Analysis: Weekly Analysis on Major Pairs, Gold, Bitcoin – 1st August 2022

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Weekly Analysis on Major Pairs, Gold, Oil, Bitcoin

  • 1 Aug: USD – ISM Manufacturing PMI 
  • 2 Aug: AUD – Interest Rate Decision & Statement & USD – JOLTS Job Openings 
  • 3 Aug: NZD – Employment Change & Unemployment Rate, CHF – Consumer Price Index & USD – ISM Services PMI 
  • 4 Aug: GBP – Interest Rate Decision & Statement & MPC Voting & USD – Unemployment Claims 
  • 5 Aug: AUD – RBA Monetary Policy Statement, CAD – Employment Change & Unemployment Rate & USD – Non-Farm Payrolls 

For fundamental insights check the weekly market outlook and the key data releases releases on the economic calendar.

Weekly Analysis and Levels for the Major Pairs

Technical analysis and trade ideas for the major currency pairs, gold, and Bitcoin, can be used to establish suitable objectives and manage risk by identifying regions in a chart where the price is expected to approach.

  • EURUSD, expecting the price to continue to rise from current level to test the previous support 1.03700 and 1.04000 level which is the next possible resistance.
  • GBPUSD, closing above the 1.22400 resistant level this week, then there is high probability for the price to rise further to test the 1.24000 and 1.24600.
  • AUDUSD, if the price able to close above the 0.70500 resistant level this week, then there is high probability for the price to rise further to test the 0.71500 and 0.71700.
  • NZDUSD, if price closes above the 0.64000 resistance level this week, then there is high probability for the price to rise further to test the 0.65000 level which is the next possible resistance.
  • USDCHF, if the price able to close below the 0.94000 support level this week, then there is high probability for the price to drop further and test the next major support level of 0.93000 and 0.92500.
  • USDCAD, weekly closing below the 1.27700 support level, would open doors for the price to drop further and test the next major support level of 1.27000 and 1.26700possible level for the price to test will be the 131.500 level which is the next support level and would result in 400 pips gain.
  • USDJPY, if price able to close below the support 130.500 level this week then the next possible level for the price to test will be the 127.500 and 126.500 level which is the next major support level.
  • GOLD, expecting the price to continue to rise from the current level to test the previous support 1800 level and if that level is violated then the next possible level for the price to test will be the 1830 and 1845 level.
  • BTCUSD, if price is able to close above the 26000 level this week then the next possible level for the price to test will be the 29000 and 30000 level which is the next possible resistance area.
  • Finally on Brent Crude, there is two possibilities. If price able to close above the resistance 107.00 level, then the next possible level for the price to test will be the 112.00 level and if price able to close below the support 97.00 level, then the next possible level for the price to test will be the 93.00 level. 
DISCLAIMER: The publication of market analysis is a marketing communication and does not constitute investment recommendations. This content provides a general views of our experts and does not consider the individual circumstances, investment experience or current financial situation. AximTrade is not liable for any losses incurred due to the use of analysis.
Trading leveraged products such as Forex and CFDs may not be suitable for all investors as they carry a high degree of risk to your capital. Please ensure that you fully understand the risks involved, taking into account your investments objectives and level of experience, before trading, and if necessary, seek independent advice. 

Learn More about Forex Technical Analysis

Forex analysis is one of the main skills for forex traders to be successful in their trading careers. The main function of analysis is to analyze the financial markets using different methods and technical indicators to identify the price movement. One of the main approaches is technical analysis since most successful forex traders rely on this type of weekly analysis to study the market. In the forex market, traders can use forex news and analysis to analyze the major pairs, Gold, Bitcoin, and Crude Oil, and start the crypto trading.

AximTrade offers forex weekly analysis and FX news for traders by experts on Major Currency Pairs, Gold, and Bitcoin. AximTrade is a fast-growing brokerage service provider and award-winning platform with one of the best CopyTrade platforms in the trading world. Learn how to become a Forex IB and what is the top benefits of starting your business. AximTrade, the forex broker provides a dynamic and highly efficient trading environment to enable forex traders with easy-to-use technology, fast payment methods, educational resources, market analysis, varieties of forex bonus promotions, and highly competitive trading environment with the best trading conditions.


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