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Weekly Analysis

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

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Weekly Analysis on Major Pairs, Gold, Oil, Bitcoin

  • 8th Nov: NZD – Inflation Expectations, AUD – RBA Gov Lowe Speech & USD – Congressional Elections 
  • 9th Nov: AUD – RBA Deputy Gov Bullock Speech & USD – Crude Oil Inventories 
  • 10th Nov: USD – Consumer Price Index & Core 
  • 11th Nov: GBP – Gross Domestic Product, Industrial Production & Trade Balance & USD – Perlim UoM Consumer Sentiment & Expectations 

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

Weekly Analysis and Levels for 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 drop slightly below to test the support 0.99000 and 0.98300 level before rising to test the resistance 1.00000 level and if that level is violated then the next possible resistance level for the price to test will be the 1.01500 and 1.02000 levels.
  • GBPUSD, the price to continue to rise from the current level to test the resistance 1.14500 and if the price able to close above the 1.15000 level, then the next possible resistance level for the price to test will be the 1.17000 and 1.17500 levels.
  • AUDUSD, the price is expected to continue to rise from the current level to test the resistance 0.65500 and if the price able to close above the 0.66000 level, then the next possible resistance level for the price to test will be the 0.67000 and 0.67500 levels.
  • NZDUSD, the price to continue to rise from the current level to test the resistance 0.59500 and if the price able to close above the 0.60000 level, then the next possible resistance level for the price to test will be the 0.60500 and 0.61000 levels.
  • USDCHF, a pullback is anticipated towards upside to test the broken support 1.00000 level before dropping to test again the support 0.99000 level and if the price able to close below the 0.99000 level, then the next possible support level for the price to test will be the 0.98500 and 0.98000 levels.
  • USDCAD, expecting the price to make a pullback towards upside to test the broken support 1.35000 level before dropping to test the next support 1.33000 and 1.32700 levels.
  • USDJPY, the price to continue to drop from the current level to test again the support 146.000 and 145.000 level and if the price able to close below the 145.000 level, then the next possible support level for the price to test will be the 142.000 and 141.000 levels.
  • GOLD, if the price is able to close above the 1700 resistance level this week, then there is high probability for the price to rise further and test the next resistance level of 1735 and 1750 levels.
  • BTCUSD, the price to continue to rise from the current level to test the resistance 22000 and 23000 levels.
  • XBRUSD, expecting the price to make a pullback towards downside to test the broken resistance 95.00 level before rising to test again the resistance 97.00 level and if the price able to close above the 100.00 level, then the next possible resistance level for the price to test will be the 104.00 and 107.00 levels.
DISCLAIMER: The publication of market analysis is a marketing communication and does not constitute investment recommendations. This content provides a general view 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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