Welcome to this week’s market analysis from ForexCracked.com!

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Upcoming Economic Events

This week features several significant events that could impact the forex and commodity markets. Here’s what you need to know:

2024.08.05

Canadian Banks Closed for Civic Holiday: Many Canadian banks are closed, leading to reduced market liquidity and increased volatility in CAD pairs.

2024.08.06

• 00:30 ET: Reserve Bank of Australia’s Monetary Policy Statement. This announcement will likely cause high volatility in AUD pairs as it includes updates on interest rates and economic conditions.
• 18:45 ET: New Zealand’s Unemployment Rate. This report will influence NZD pairs, reflecting the job market’s health and its impact on consumer spending.

2024.08.07

• 22:40 ET: RBA Governor Bullock’s Speech. Watch for potential insights into future monetary policy that may affect AUD pairs.
• 23:00 ET: Reserve Bank of New Zealand’s Inflation Expectations. This data can influence NZD pairs by signaling future inflation trends.

2024.08.08

No significant events.

2024.08.09

08:30 ET: Canada’s Unemployment Rate. This indicator provides insights into the job market and can affect CAD pairs.

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EURUSD

Current Trend: EURUSD is trending upwards from the 1.08000 level and has surpassed the 1.09000 resistance. Watch for potential pullbacks at the 1.09500 resistance or possible breakouts above this level.

USDJPY

Current Trend: USDJPY is moving downwards and is testing the key support level at 146.000. A break below this could extend the downtrend, while a pullback might lead towards 151.000.

GBPUSD

Current Trend: GBPUSD is in a downtrend, finding support at 1.27000 and resistance around 1.29000. Monitor for potential drops from resistance or breaks above it to signal a new uptrend.

USDCHF

Current Trend: USDCHF is also downtrending, approaching a major support level at 0.85500. Watch for potential pullbacks or a break below this support.

USDCAD

Current Trend: USDCAD is trending upwards and consolidating near the 1.39000 resistance. A breakout above this level may extend the uptrend, while a pullback could lead to a drop towards 1.38000.

AUDUSD

Current Trend: AUDUSD is downtrending but consolidating between 0.64850 (support) and 0.65500 (resistance). A breakout will determine the future direction.

NZDUSD

Current Trend: NZDUSD is rebounding from the 0.58500 support level with resistance around 0.60000. Breaks above 0.60000 could signal a continuation of the uptrend, while drops below 0.58500 might extend the downtrend.

Commodities Market Analysis

GOLD

Current Trend: Gold is in an uptrend, with resistance around 2480. If this level is surpassed, prices may reach new highs. Watch for potential pullbacks to support levels.

SILVER

Current Trend: Silver is pulling back from 28 with resistance near 29. A break above 29.500 could lead to higher prices, while a drop below 28 might push prices down to 27.500.

CRUDE OIL

Current Trend: Oil is trending down and testing the 77.500 support level. Resistance at 79 could indicate a new uptrend if broken, otherwise, prices might continue to decline.

Cryptocurrency Market Analysis

BTC

Current Trend: Bitcoin is in a downtrend, pulling back from 56000 support. A break below this level might continue the downtrend, while breaking above 62000 could signal a reversal.

ETH

Current Trend: ETH is also trending down, having pulled back from 2600 support. Watch for potential breaks above 2900 for an uptrend, but a drop below 2600 could extend the downtrend to 2200.

BNB

Current Trend: BNB is consolidating with a slight downtrend. Watch for breaks above 540 to signal a possible rise, or below 460 for potential further declines.

Conclusion & Disclaimer

Our market analysis is designed to provide insights into potential trading opportunities. It’s important to conduct your own research and consider your personal risk tolerance before making any trading decisions. Market conditions can change rapidly, so stay informed and approach trading with caution.

For daily updates and detailed analysis on Forex, US Stocks, and Cryptocurrencies, visit xlearnonline.com. Your feedback is welcome in the comments below to help us improve our analysis.

Remember, financial markets are inherently unpredictable. While our analysis aims to identify high-probability scenarios, no prediction is certain. Always manage your risks and seek advice from financial professionals as needed.