Weekly Charts Analysis 12.08.-16.08. – Forex Forum

 

Weekly Charts Analysis 12.08.-16.08.

 

XAUUSD – Gold Weekly Chart

Supports : 2415.00 , 2395.00 & 2300.00

Resistances : 2460.00 , 2475.00 & 2490.00

Weekly close indicates continuing Bullish sentiment and possible break out over 2500.00

In such a case, next hurdle is at 2600.00

Only break below 2300.00 would put an end to this Bullish run.

 

EURUSD Weekly Chart

Supports : 1.08815 , 1.08500 & 1.07700

Resistance : 1.09500 , 1.10000 & 1.10450

The weekly close is somewhat Bearish as a Pattern, but I have seen too many times for pair to continue Up from exactly this position.

So two main levels will decide the near future :

• Support at 1.07700
• Resistance at 1.10000

Problem is obviously lack of interest , as previous Monday-Tuesday Move was so clearly Bullish , but ended up lame and without any strength.

Next week we have quite a few Big Data coming from : USA, UK & EU , so we’ll have lots of action for sure.

 

 

GBPUSD Weekly Chart

Supports : 1.26650 , 1.26450 & 1.24200

Resistances : 1.28150 , 1.29050 & 1.29500

Even the Inner channel trend line was broken, as long as above 1.26450 Cable can hit higher.

Most important resistance right now is at 1.28150.

In the case supports hold the ground, it needs to overcome 1.30500 to get a momentum for more advances.

However, looking at it from early 2023. It looks just like a sideways correction …

Next week it has to show us the direction.

 

 

BTCUSD Weekly Chart

Supports : 57.000 , 55.250 & 50.450

Resistances : 61.800 , 64.500 & 70.500

Obviously there is a lot of interest in Buying Bitcoin, but technically this doesn’t look good for it.

As long as below 70.500 it is destined to test lower , even as low as 36.250

If it manages to climb above 64.500 and finds a footing there, it would be possible to see a run at 80.000 – but don’t hold your breath for too long…

Next week is a deal maker/breaker – watch it closely

 

Weekly Charts Analysis 12.08.-16.08.

For Daily updates and Tips on trading Intraday Join Our Trading Club HERE

To get your FREE Trial of The Amazing Trader Charting Algo Click HERE

 

Follow our Blog for more insights in Forex Trading