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Weekly Analysis

Forex Technical Analysis: Weekly Analysis on Major Pairs, Gold, Bitcoin – 8th August 2022

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Weekly Analysis on Major Pairs, Gold, Oil, Bitcoin

  • 8th Aug: NZD – Inflation Expectations 
  • 9th Aug: USD – Prelim Nonfarm Productivity & Unit Labor Costs 
  •  10th Aug: USD – CPI & Core CPI 
  • 11th Aug: USD – Core Producer Price Index & Unemployment Claims 
  • 12th Aug: GBP – Gross Domestic Product & USD – 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, if the price able to close above the 1.03000 resistance level this week, then there is high probability for the price to rise further to test the 1.03700 and 1.04000 level which is the next possible resistance.
  • GBPUSD, closing above the 1.22400 resistance level this week, then there is high probability for the price to rise further to test the 1.24000 and 1.24600
  • AUDUSD, expecting the price to continue to rise from the current level to test the resistance 0.70000 and 0.70500 level if that level is violated then the next possible level for the price to test will be the 0.71500 and 0.71700 levels.
  • NZDUSD, the price to continue to rise from the current level to test the resistance 0.63500 level and if price able to close above the resistance 0.64000 then the next possible level for the price to test will be the 0.65000 and 0.65500 levels.
  • USDCHF, expecting the price to continue to rise from the current level to test the 0.97000 level which is the next possible resistance.
  • USDCAD, if the price able to close below the 1.28700 support level this week, then there is high probability for the price to drop and test the support level of 1.28000 again and would result in 100 pips gain.
  • USDJPY, expecting the price to continue to drop from the current level to test the 131.500 and 130.500 level which is the next possible support.
  • GOLD, if price able to close above the 1800 level this week then the next possible level for the price to test will be the 1830 and 1845 level which is the next possible resistance.
  • BTCUSD, expecting the price to continue to rise from the current level to test the resistance 25000 level and if price able to close above the resistance then the next possible level for the price to test will be the 29000 and 30000 level
  • Finally on Brent Crude, the price is expected to make a pullback to test the resistance 97.00 level before drop further to test the next major support 85.00 and 80.00 levels.
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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