The past trading week was marked by notable movements across major asset classes. The euro remained under pressure against the US dollar, struggling within a corrective phase. Gold continued its bullish trajectory, maintaining support at higher levels, while bitcoin experienced a mix of corrections and bullish momentum, reflecting ongoing market speculation. Looking ahead, the upcoming trading week is likely to see increased volatility as key technical levels are tested across forex, commodities, and cryptocurrencies.
EUR/USD
The EUR/USD currency pair closed the previous week with moderate growth near 1.0393, remaining within a corrective phase and forming a "Triangle" pattern. The moving averages confirm a prevailing bearish trend, with prices breaking through the signal lines to the downside, signalling sustained pressure from euro sellers. In the coming week, the pair is expected to attempt a decline toward the support level at 1.0205 before rebounding and resuming an upward movement. The primary target for this potential recovery lies above 1.0845.
Additional confirmation of an upward move in EUR/USD may come from a test of the relative strength index (RSI) support line, alongside a rebound from the lower boundary of the "Triangle" formation. However, if the pair breaks below the 0.9995 level, the bearish scenario will gain momentum, potentially leading to a further decline towards 0.9675. A breakout and sustained movement above 1.0575 would confirm a reversal and the beginning of a stronger upward trend.
XAU/USD (Gold)
Gold ended the previous week trading near 2935, maintaining its position within a bullish channel. The moving averages continue to indicate a strong uptrend, with prices breaking through resistance levels, reinforcing the dominance of buyers. A short-term correction is expected, with a possible decline toward 2865 before a rebound that could push XAU/USD higher toward the key resistance at 3175.
A test of the trend line on the RSI indicator would support the bullish scenario, along with a rebound from the lower boundary of the channel. If gold prices break below the 2705 level, the bullish outlook will be invalidated, opening the way for further declines towards 2585. However, a breakout above 2965 would confirm continued growth and signal a sustained move higher.
BTC/USD
Bitcoin closed the previous trading week at 97091, continuing its movement within a correction phase while remaining inside a bullish channel. Moving averages confirm the presence of an uptrend, with prices testing key support areas. In the coming week, BTC/USD may attempt a decline toward the 95605 support level before rebounding and resuming growth toward 118605.
The bullish scenario will be reinforced if bitcoin bounces off the lower boundary of the bullish channel and finds support on the RSI trend line. However, if BTC/USD breaks below 80565, it would signal the start of a deeper correction with a potential downside target at 75455. On the other hand, a breakout above 108605 would confirm bullish continuation and further appreciation in bitcoin’s value.
Conclusion
As the financial markets approach the new trading week, key assets remain at pivotal technical levels. The euro’s weakness against the US dollar suggests further corrective movements, while gold’s bullish momentum remains intact despite potential short-term pullbacks. Bitcoin continues to attract speculative interest, balancing between correction and further upside potential. Traders should closely monitor critical support and resistance levels, as breakouts could define the medium-term trend across forex, commodities, and cryptocurrencies.
NordFX Analytical Group
Disclaimer: These materials are not an investment recommendation or a guide for working on financial markets and are for informational purposes only. Trading on financial markets is risky and can lead to a complete loss of deposited funds.
