Forex Technical Analysis: Weekly Analysis on Major Pairs, Gold, Bitcoin – 6th June 2022

Weekly Analysis on Major Pairs, Gold, Oil, Bitcoin

• 7^th June – AUD – Interest Rate Decision & Statement 
• 8^th June – EUR – Gross Domestic Product 
• 9^th June – EUR – Interest Rate Decision, Statement & Press Conference 
• 10^th June – CAD – Employment Change & Unemployment Rate & USD – CPI & Core CPI 

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, if price able to close above the 1.08000 level this week then the next possible level for the price to test will be the 1.09000 and 1.09500 level which is the next resistant and would result in a 100 pips gain.
• GBPUSD, if price able to close below the 1.26000 level this week then the next possible level for the price to test will be the 1.23500 and 1.22400 level which will be the next possible support levels and would result in a 110 pips gain on each level.
• AUDUSD, if price able to close below the 0.71700 level this week then the next possible level for the price to test will be the 0.70500 level which would result in a 120 pips gain.
• NZDUSD, if price able to close below the 0.64500 level this week then the next possible level for the price to test will be the 0.64000 and 0.63500 level which is the next support level and would result in a 50 pips gain on each level.
• USDCHF, expecting the price to continue its pullback to test the previous resistant 0.95000 and 0.94600 level which possible to become a new support before continue to rise further to test 0.96500 and 0.97500 level.
• USDCAD, the price is expected to continue drop to test the strong support 1.25000 level before start rising to test the 1.26700 and 1.27700 level.
• USDJPY, if the price able to close above the resistant 131.300 level this week then there is high probability for the price to rise further to test the 136.000 level which is the next strong resistant level.
• GOLD, expecting the price to continue to drop from the current level to test the support 1920 and 1788 level.
• BTCUSD, There is no clear direction at the moment until the price breaks out of the range between 28200 and 32500
• Finally on Brent Crude, expecting the price to continue to rise from current level to test the next resistant 127 and 130 level which would result in a 70 pips gain. 

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, Crude Oil and cryptocurrencies.

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. 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.