Weekly trade analysis: Gold, US Dollar Index, EUR/USD, GBP/USD, AUD/USD, and USD/JPY [Video]

Denis Joeli Fatiaki Independent Analyst

Projected price movements for the coming week: Gold, USD Index, EUR/USD, GBP/USD, AUD/USD, and USD/JPY

This week's trade analysis examines the recent performance of key currency pairs and precious metals. We delve into the movements of Gold (XAU/USD), the US Dollar Index (USDX), EUR/USD, GBP/USD, AUD/USD, and USD/JPY.

Our comprehensive supply and demand analysis delves into potential future price movement projections. Join us as we dissect the market trends and forecast trading opportunities to help you make informed decisions.

Projected price movements and analysis for major currency pairs and Gold

This week's comprehensive trade analysis delves into the intricate dynamics of Gold, the US Dollar Index, and key currency pairs—Euro/USD, GBP/USD, AUD/USD, and USD/JPY. By employing our proprietary supply and demand system, we unravel recent performance trends and anticipate potential price movements that could shape your trading decisions.

Gold and US Dollar Index insights: Examining Gold's struggle to maintain the 1930-1938 demand zone and the US Dollar Index's influence, we analyze the impact of the US dollar's rebound on Gold prices. With consecutive weekly declines, Gold has reached a crucial juncture at the 1935-19214 critical demand zone. Simultaneously, the US dollar's battle at the 101.120 support line hints at a push towards the 102.763 resistance line, which could perpetuate Gold price trends.

EUR/USD under the microscope: A detailed examination of Euro/USD dynamics reveals a setback at the 1.1248 resistance line, reflecting the USD's strength. As the dollar's performance at the 102.763 weekly chart resistance line takes centre stage, potential Euro/USD movements are closely linked. Should the dollar breach this level, expect further Euro/USD decline; failure could trigger a retest of the 1.1053-1.1110 supply zone.

Navigating GBP/USD fluctuations: GBP/USD's intricate dance with the resurgent US dollar unfolds as pound reversals collide with dollar upswings. A deep dive into last week's trades uncovers the pound's struggle at the 1.2807-1.2769 supply zone and its retreat towards the 1.2668-1.2630 demand zone. With the dollar around 102.763 in the weekly chart resistance line dictating both currencies' fate, potential short positions arise if the pair falters. Conversely, sustained USD weakness could lead to a retest of the 1.2807-1.2769 supply zone.

AUD/USD performance insights: The Australian dollar's parallel journey against the dollar echoes the broader narrative. After consecutive weeks of decline, AUD/USD closed under the 0.65210 support line, inviting scrutiny of the 0.65844-0.64990 demand zone. Depending on the dollar's outcome at the 102.763 resistance line, AUD/USD's trajectory hangs in the balance—success might propel the pair towards 0.6379 and 0.6272, while a rebound could occur within the demand zone.

USD/JPY rising wedge price patterns: USD/JPY's return to significant resistance levels showcases its resilience since the July selloff; Notably, a possible retest of the 145 supply zone beckons, with a rising wedge price formation suggesting potential pullback if it fails at the 145 resistance line. Vital price points such as 146.330 and 145.848 (to the upside) and 144.586 and 144.150 (to the downside) underscore potential movements.

Author

Denis Joeli Fatiaki

Independent Analyst

Denis Joeli Fatiaki possesses over a decade of extensive experience as a multi-asset trader and Market Strategist.

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