Weekly Market Analysis [2024.07.07]: Forex, Commodities, and Cryptocurrency Insights

Welcome to our weekly market analysis from forexcracked.com!

• EURUSD: In an uptrend, bouncing back from the main trend line and heading toward the 1.09000 resistance level.
• USDJPY: In an uptrend, it broke the major resistance level of 160 and is now trading above it.
• GBPUSD: In an uptrend, currently at a major resistance level of 1.28100.
• USDCHF: In a downtrend, heading towards the support level of 0.88300.
• USDCAD: It was in an uptrend, but now the price seems to have broken the major support level, so we can assume it’s now in a downtrend.
• AUDUSD: Consolidating but broke the resistance level, now in an uptrend heading towards 0.68500.
• NZDUSD: Consolidating, found support at 0.60500, now heading towards 0.62200.
• GOLD: Consolidating between 2275 and 2432. Right now, the price is nearing the resistance level.
• SILVER: Broke the major support but then got back into the trend, making it a false breakout. Now, the price is heading towards the 32.400 level.
• CRUDE OIL: Trending up, and the price is nearing the key levels of 90.000 and 92.500.
• BTC: The price is trending down, and it is at a support level of 56500.
• ETH: Trending down, currently just above the support level at 2800.
• BNB: The price is trending down, but it is currently at the major support level of 508.

Before we continue with the analysis, if you don’t know much about trading, charts, candlesticks, risk management, or strategies, or if you want to improve your knowledge, consider reading our free forex course.

Upcoming Events for This Week

These events include macroeconomic reports, economic indicators, and, generally, what’s going on in the world.

Only the most important events are considered here. You can check the forexfactory.com for all the economic events and yahoo finance for news.

08/07/2024

There are no major events scheduled on this day.

09/07/2024

10:00 AM ET: Fed Chairman Powell testifies for the Semi-Annual Monetary Policy Report before the Senate Banking Committee in Washington, DC. This might cause some volatility in USD pairs.

10:00 PM ET: The Reserve Bank of New Zealand releases its monetary policy statement. This is a highly volatile event for NZD pairs.

10/07/2024

10:00 AM ET: Fed Chairman Powell testifies for the Semi-Annual Monetary Policy Report before the Senate Banking Committee in Washington, DC. This might cause some volatility in USD pairs.

11/07/2024

02:00 AM ET: England releases its GDP m/m report. This will impact GBP pairs.”

08:30 AM ET: The US releases its CPI and Unemployment Claims report. This will have a high impact on USD pairs.

12/07/2024

08:30 AM ET: The US releases its PPI m/m report. This will cause some volatility in USD pairs.

10:00 AM ET: The Prelim UoM Consumer Sentiment report is released. This will also impact USD pairs.

Forex Market Analysis

EURUSD:

Looking at EURUSD, it’s in an uptrend, bouncing back from the main trend line, and heading toward the 1.09000 resistance level.

Looking at the 1-hour chart, the price is nearing the 1.085500 resistance level. We can expect a pullback from here, or the price might break this resistance and continue to the major resistance area at 1.09000.

USDJPY:

Looking at USDJPY, it’s in an uptrend. It broke the major resistance level of 160 and is now trading above it.

Looking at the 1-hour chart, the price is pulling back from the 162 resistance and has retested the major support at 160. It’s now consolidating. We can expect the price to either go up from this support level or break below it and start dropping. Watch out for breakouts.

GBPUSD:

Looking at GBPUSD, it’s in an uptrend and is currently at a major resistance level of 1.28100.

Looking at the 1-hour chart, the price might pull back from this level for a correction, or it could break above and continue up to 1.29000. Watch out for both reversal and breakout signals.

USDCHF:

Looking at USDCHF, it’s in a downtrend and heading toward the support level of 0.88300.

Looking at the 1-hour chart, you can see that the price broke below 0.90000 and dropped to 0.89400. We might expect a pullback, but the price will likely head to 0.89200 before pulling back. If these levels are broken, we can expect the price to continue dropping to the 0.88400 level.

USDCAD:

Looking at USDCAD, it was in an uptrend, but now the price seems to have broken the major support level, so we can assume it’s now in a downtrend.

Looking at the 1-hour chart, you can see that after the price broke the support level, it continued to drop and found support around 1.36000. It then pulled back and is now consolidating around a resistance level. We can expect the price to drop from this resistance and continue its downward momentum. If the price breaks above this resistance, it may go to the previous major support, which should now act as resistance, and pull back from there.

AUDUSD:

Looking at AUDUSD, it was consolidating but has now broken the resistance level. It’s in an uptrend and heading towards the 0.68500 level.

You can see that the 0.67000 level is now acting as support. After the price broke this level, it pulled back, found support, and started to go back up. We can expect this upward momentum to continue, but corrections along the way are likely.

NZDUSD:

Looking at NZDUSD, it’s consolidating. Recently, it found support around 0.60500 and pulled back up. Now, it’s heading towards 0.62200.

Looking at the 1-hour chart, you can see that the price is at the resistance level of 0.61500. If the price breaks above this level, we can expect it to continue up to 0.62200. However, the price could also pull back from this level and go for a correction, so watch out for both breakout and reversal signals.

Commodities Market Analysis

GOLD:

Looking at XAUUSD, it’s consolidating between 2275 and 2432. Right now, the price is nearing the resistance level.

Looking at the 1-hour chart, you can see that the price recently broke above a resistance level. We can expect this upward momentum to continue. The price might pull back from the major resistance at 2432, or it could break above that level. If it breaks above, we can confirm that the price is heading into an uptrend and is likely to make new highs.

SILVER:

Looking at XAGUSD, it broke the major support but then got back into the trend, making it a false breakout. Now the price is heading towards the 32.400 level.

Looking at the 1-hour chart, you can see that the price is at the round number 31.500. The price will likely correct from this level, so watch for reversal signals. If the price breaks above this level, we can expect it to continue up to 32.400 before pulling back. If that level is also broken, we can confirm that XAGUSD is in an uptrend.

CRUDE OIL:

Looking at oil, it’s trending up, and the price is nearing the key levels of 90.000 and 92.500.

From the 1-hour chart, you can see that the price is pulling back from the 88.500 resistance and is currently at a support level. We can expect the price to bounce up from this support and possibly break the resistance. However, if the price breaks below the support level, it may continue to drop to 86.000.

Cryptocurrency Market Analysis

BTC:

Looking at BTC, it’s trending down, and the price is at a support level of 56500.

Looking at the 1-hour chart, you can see that the price went down to 54000, found support, pulled back up to a resistance around 58000, and is now pulling back down. Currently, the price is around 56000. If it breaks below this level, we can expect it to continue dropping. Alternatively, the price could start going up from here. Watch for both reversal and breakout signals for confirmation.

ETH:

ETH is also trending down. Right now, the price is just above the support level at 2800.

Looking at the 1-hour chart, you can see that the price went down to 2850, pulled back up to 3100, and then started to drop again. Now, the price is heading back to the 2850 range. If it breaks below this support level, we can expect it to continue dropping. Watch for both reversal and breakout signals around this range.

BNB:

Looking at BNB, it’s also trending down, but the price is currently at the major support level of 508.

Looking at the 1-hour chart, you can see that the price dropped to 460, pulled back up to 540, and then started to drop again. If the price breaks below the 460 level, we can say for sure that it’s in a downtrend and will likely fall further. However, if the price breaks above the 540 range, it indicates uptrend pressure. So, wait for confirmation.

Conclusion & Disclaimer

This analysis article isn’t about telling you when to buy or sell. It’s about teaching you how to approach the market effectively. Every day, I follow the same routine before I start trading. Here, I briefly explained the technical aspects of what’s happening and what actions I take in these situations. Your goal is to understand what I do so you can follow the same process on your own.

The market can change its behavior without notice, so it’s best to analyze it every day. The ForexCracked version covers all the important assets in detail for the week in one article. Meanwhile, the xlearn version focuses more on daily analysis for day traders. If you want to follow daily analysis for Forex, US Stocks & Cryptocurrencies, check out this section on xlearnonline.com

Please provide your feedback in the comment section below on how we can further improve our market analysis. Thank you.

It’s crucial to acknowledge the inherent unpredictability of financial markets. While we strive to offer informed perspectives on upcoming events and trends affecting various instruments, it’s important for readers to conduct their own analysis and exercise prudent judgment.

Encouragement of Independent Analysis

We strongly encourage readers to supplement the information presented here with their own research and analysis. Market dynamics can swiftly change due to a multitude of factors, and individual circumstances may vary. By conducting independent analysis, readers can tailor their strategies to align with their unique goals and risk tolerance.

No Certainty in Market Predictions

It’s vital to recognize that nobody possesses the ability to predict market movements with absolute certainty consistently. Market analysis serves as a tool to assess probabilities and identify potential opportunities, but it’s essential to remain cognizant of the inherent uncertainty in financial markets.

Aligning with High Probability

Rather than aiming for infallible predictions, our goal is to align with high-probability scenarios based on available information and analysis. This approach acknowledges the dynamic nature of markets while seeking to capitalize on opportunities with favorable risk-reward profiles.

Proceed with Caution

Lastly, while market analysis can offer valuable insights, it’s imperative to approach trading and investment decisions with caution. Markets can be volatile, and unforeseen events may impact asset prices unexpectedly. Exercise prudent risk management and consider seeking advice from qualified financial professionals before making any significant financial decisions.

Remember, the journey of financial analysis and investment is a continuous learning process, and embracing a disciplined approach can contribute to long-term success in navigating the complexities of global markets.

THANK YOU & HAPPY TRADING!!!