Weekly Forex Analysis: 11-15 April 2022

US dollar index

On the weekly chart, DXY is testing the supply zone around 99.723-100.584 levels.

If this supply zone holds and price shows enough bearish rejection to the downside, we short.

If price violates this zone, the next potential target is the supply zone around 102.158-103.802 levels.

EUR/USD

On the daily chart, EUR/USD created a new supply zone around 1.10814-1.11867 levels and moved all the way down to the daily demand zone around 1.07669-1.08520 levels.

If price violates this demand zone, the next potential target is 1.07340 level.

Price could retrace back up to 1.10814 level before breaking below 1.07669 level. If we get enough bearish evidence around this supply zone we short.

GBP/USD

On the daily chart, GBP/USD retested the demand zone around 1.29833-1.28535 levels and showed signs of bullish rejection to the upside.

Price might consolidate before breaking down below 1.28535 level to move all the way down to 1.26701 level. If price tests this demand zone and shows enough bullish evidence, we go long.

AUD/USD

On the daily chart, AUD/USD created a new supply zone around 0.75403-0.76605 levels and showed some bearish evidence to the downside.

Price reacted to the opposing demand zone around 0.73638-0.74220 levels and showed a bullish rejection to the upside. We could see a retest of the 0.75403 level before breaking below 0.73638 level and moving all the way down to 0.72273 level as a potential target on this pair.

USD/CAD

On the daily chart, USD/CAD tested the demand zone around 1.23300-1.24046 levels and showed some bullish evidence to the upside.

If price breaks the 1.26 resistance level and moves all the way up to 1.27638 level and shows enough bearish evidence, we short.

If the resistance holds and price violates this demand zone, the next potential target is 1.21542 level.

USD/CHF

On the daily chart, USD/CHF tested the demand zone around 0.91493-0.92013 levels and showed enough bullish evidence to the upside.

Price is trading near daily supply zone around 0.93987-0.94607 levels. If price tests this zone and shows enough bearish evidence, we short with a potential target around 0.92700 level.

USD/JPY

On the daily chart, USD/JPY tested the demand zone around 120.311-121.417 levels and showed enough bullish evidence to the upside.

If price violates this supply zone, the next potential target is 127.398 level.

XAU/USD

On the daily chart, Gold is moving sideways with a strong resistance at 1960 level.

If price breaks above this resistance, the next potential target is 187.664 level. If price tests the resistance around 1960 level and retraces back down, it might go all the way down to 1910.150 and 1870.115 levels as potential targets.

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