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Weekly Analysis

Forex Technical Analysis: Weekly Analysis on Major Pairs, Gold, Bitcoin – 7th March 2022

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Weekly Analysis on Major Pairs, Gold, Bitcoin

  • 7th Mar – EUR – Retail Sales 
  • 8th Mar – EUR – Gross Domestic Product, USD – Trade Balance  
  • 9th Mar – AUD – RBA Gov Lowe Speech, JPY – Gross Domestic Product & USD – JOLTS Job Openings 
  • 10th Mar – EUR – Interest Rate Decision & Statement, USD – Consumer Price Index   
  • 11th Mar – CAD – Employment Change & Rate, USD – Prelim UoM Consumer Sentiment   

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 make a pullback to test the previous support 1.10000 level before continue to drop further to test the 1.08000 level.
  • GBPUSD, expecting the price to make a pullback to test the previous support 1.32700 level before continue to drop further to test the 1.32000 and 1.31000 level.
  • AUDUSD, if price able to close above the resistant 0.74000 level this week then the next possible level for the price to test will be the 0.75000 and 0.75500 level.
  • NZDUSD, if price able to close above the resistant which is also the downtrend structure 0.69000 level this week then there is high probability for the price to rise further to test the 0.69700 and 0.70000 level.
  • USDCHF, if price able to close below the support 0.91500 level this week then there is high probability for the price to drop further to test the 0.91000 and 0.90800 level which is the next strong support level.
  • USDCAD, If the price closes above the upper range 1.28500 this week then there is high probability for the price to rise and test the 1.29000 and 1.29500 level and If the price closes below the lower range 1.26500 this week then there is high probability for the price to drop and test the 1.25500 and 1.25000 level.
  • USDJPY, If the price closes above the upper range 116.000 this week then there is high probability for the price to rise and test the 117.000 and 117.700 level and If the price closes below the lower range 114.500 this week then there is high probability for the price to drop and test the 113.500 and 113.000 level.
  • GOLD, The next high probability level to be tested will be the 2000 and 2050.
  • Finally, BTCUSD, The next strong support level will be the 36000 and 32910 levels, which is the next possible projected area. 
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 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 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.