Title: Weekly Technical Outlook: EUR/USD, GBP/USD, USD/CAD, Gold, Oil & Bitcoin (August 5–11, 2025)
Author: Matt Weller, FOREX.com | Original article: forex.com
As global financial markets navigate complex macroeconomic conditions, traders and investors are looking ahead to the upcoming week with cautious optimism. Key instruments, including major forex pairs like EUR/USD, GBP/USD, and USD/CAD, as well as commodities like gold and oil, are positioned at crucial technical junctures. Additionally, Bitcoin continues to show increased volatility, prompting a deeper analysis.
This technical outlook, based on chart patterns and technical indicators, aims to equip traders with a clearer understanding of potential market direction across six widely followed instruments from August 5 to August 11, 2025.
EUR/USD Technical Outlook
The EUR/USD pair rebounded over the past week, breaking free from its short-term downtrend. However, the pair remains within a broader consolidation phase.
Key Observations:
– Price has recovered significantly from the July lows near 1.0795.
– Strong resistance remains at the 1.0950–1.0975 region, previously aligned with both horizontal supply and the 200-day simple moving average.
– The RSI index is at neutral levels, suggesting the current rally has room to run but lacks firm momentum.
Outlook:
– A confirmed break and close above 1.0975 would open the door to an extended rally toward psychological resistance at 1.1050.
– If the pair fails to breach that ceiling, watch for a return to support levels around 1.0850 or even 1.0800.
– Fundamental volatility could emerge from upcoming US inflation data, which may help set the tone for EUR/USD.
GBP/USD Technical Outlook
The British pound has demonstrated relative strength in recent sessions. GBP/USD is moving with a modest upward bias, nearing key resistance levels.
Key Technicals:
– The price is now approaching 1.2900, a level that halted past uptrends dating back to May.
– The 50-day moving average has begun turning upward, suggesting strength in medium-term trends.
– RSI readings hover just below the overbought threshold, signaling increasing bullish pressure but also vulnerability to short-term exhaustion.
Outlook:
– A push beyond 1.2900 could prompt a move toward the 1.2970–1.3000 zone.
– Failing to close above that level will likely trigger consolidation between 1.2800 and 1.2900.
– Traders should monitor BoE updates and wage growth figures, which could influence sterling’s trajectory.
USD/CAD Technical Outlook
USD/CAD has seen a downward shift, with momentum favoring the Canadian dollar amid stable crude oil prices and a subdued US dollar.
Technical Developments:
– The pair has dropped below the ascending trendline that has guided price action since late June.
– Immediate support lies at 1.3300, a level tested multiple times over the past two months.
– The RSI has dipped into bearish territory, supporting the recent downward trend.
Outlook:
– If 1.3300 fails as support, the next likely target is 1.3220, followed by a major floor at 1.3160.
– Any upside recovery would need to crack resistance at 1.3400 to reverse the negative sentiment.
– Canadian employment data arriving this week could offer directional clarity.
Gold Technical Outlook
Gold continues to trade within a defined box range, as investors remain uncertain in the face of elevated real yields and resilient risk sentiment.
Range Parameters:
– Price action is confined between the $1,920 support zone and resistance near $1,975.
– Despite periods of bullish and bearish bias, gold has failed to establish sustained directional momentum.
– The Bollinger Bands are tightening, a potential precursor to increased volatility.
Outlook:
– A decisive break above $1,975
Read more on EUR/USD trading.