There are higher possibilities for EURUSD to drop to 1.20500 level. On GBPUSD, higher possibilities for the market to test the 1.40000. On AUDUSD, the 0.78100 level seems to be strong and we are expecting the market to retest the 0.78100 before dropping to 0.76500 level. On NZDUSD, the 0.70900 level will be the next level for the market to test. On USDCHF, If the market is close above the 0.90400 level. we can expect the market to retest the 0.92100 level to form a new resistance. On USDCAD, the market is close above the 1.21400 level. The next retest level is between 1.23600 to 1.23400 level. On USDJPY, the market currently heading to retest the 110.700 level. Finally on GOLD, the Market tried to break the 1853 level. If this level is broken. the next retest level will be 1800 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 market analysis
Market analysis is an approach commonly utilized by traders and market experts to analyze the economic markets. The market analysis is essential for traders to set up their forex trading strategies and to identify the opportunities in forex markets. According to researches, the majority of professional forex traders tend to use technical market analysis as the main method to study the market.
An effective way to start trading forex is by educating yourself about the basics of the market. Check our detailed guide for beginners to Learn Forex trading. After getting a sufficient forex education and being comfortable with the basics, you can choose to trade directly on a live forex account or open a demo account to safely explore the market.