Weekly Analysis

Technical Analysis: Key Levels – Major Pairs & Gold – 16th August 2021

The forex technical analysis of the week includes key levels for the major pairs & gold. Check out the chart trends according to analysis and expert reviews.

Analysis of Major Pairs & Gold

EURUSD, I believe there will be a slight drop to 1.17500 level before continue rising to test the 1.18450 level. On GBPUSD, there is a higher possibility for the market to test the 1.39000 level and if that level is broken, then the next possible level will be 1.40000 level. On AUDUSD, expecting a breakout of 0.73700 level by this week and if that happens then it’s possible for the market to test is the 0.74500 level. On NZDUSD, there is a high probability for the market to break the consolidation trend this week and start rising to test the 0.71000 level. On USDCHF, there is very high probability for the market to rise again to test the 0.92000 level before start dropping further to test the 0.91000 level. On USDCAD, I believe there will be a drop to test the 1.24700 level and if that level is broken, then the next possible level will be the 1.24000 level. On USDJPY, expecting to test again the 109.900 level before dropping further to test the 109.300 level and if that level is broken, then the next possible level will be 108.500 level. Finally, on GOLD, I’m expecting a slight drop to test again the 1770 level before start rising to test the 1800 level, and if that level is broken, then the next possible level will be the 1820 level.

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Learn more about Major Pairs & Gold Analysis

Major Pairs & Gold are the most popular currency pairs and the most commonly traded pairs in the forex market due to high liquidity, significant volume, and its direct effect on the global economy. Traders are always interested in identifying the opportunities in trading once the market opens every Monday. Therefore, the weekly forex analysis allows traders to get useful indications and insights about the market price movements. Check for more information and an in-depth review of the top major currency pairs.

Technical analysis is a very common method used by investors to analyze the financial markets. The main benefit of learning forex technical analysis is to identify the relationships between price/volume and market indicators such as the moving average and MACD, etc. Why technical analysis is important for forex trading? According to studies, most successful forex traders rely on technical analysis to study the market. In the forex market, traders can use technical analysis to analyze the major pairs, Gold, and cryptocurrencies.

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