Comprehensive Forex Technical Analysis Update for August 8, 2025: EUR/USD tests support near 1.0920 amidst waning momentum, with key resistance at 1.1040 and 1.1150. GBP/USD remains in a descending triangle, struggling to break above 1.3000 as BoE policy and UK fiscal signals loom. Stay tuned for ECB and US inflation data impact. Insights expanded from Nek Muhammad’s FX Daily Report.
GBP/USD faces downside risk with the critical 1.0989 support level under mounting pressure. Continued US dollar strength, UK economic concerns, and cautious BoE stance may push the pair lower toward 1.0925 and 1.0850. A break below 1.0989 could signal further declines. #ForexAnalysis #GBPUSD
Credit: ForexTraders.com – Steve Miley
EUR/USD closed last week with slight losses, pressured by trade tensions and hawkish Fed signals. The pair struggled to hold above 1.10 amid mixed economic data and tariff uncertainties. Traders now watch for Fed cues and upcoming economic releases to gauge direction.
USD/JPY pulled back slightly after hitting a 34-year high near 160.20 but holds firm above key support around 157.50. Diverging U.S.-Japan monetary policies and yield differentials keep bulls favored. Watch U.S. CPI, retail sales, and Fed rhetoric for next moves. #forex #USDJPY
USDCAD Elliott Wave analysis suggests the pair is in a bearish corrective phase, with a five-wave impulsive decline underway. Key resistance near 1.3800 and support around 1.3100 highlight potential reversal zones. Continued macro shifts—Fed’s slowing hikes and BoC’s dovish tone—may drive USD weakness, reinforcing downside risks before a possible recovery. Traders should watch for confirmation of wave counts to guide entries.
AUD/USD remains rangebound this week between 0.6570 support and 0.6710 resistance amid mixed economic data and cautious risk sentiment. Technical indicators show neutral momentum on daily charts with slight bullish bias weekly. Key levels to watch: a break above 0.6710 could target 0.6870, while a break below 0.6570 risks a slide toward 0.6460. Traders should monitor US Fed signals and commodity trends for directional cues.
GBP/USD faces downside risks targeting the key 1.0900/1.0890 support zone amid bearish momentum. Trading below 20- and 50-day SMAs, lower highs and lows reinforce the downtrend. Watch for a break below 1.0890 that could trigger sharper declines, while indicators hint at possible oversold bounces.
— Analysis by Steve Miley, ForexTraders.com
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