Weekly Forex Analysis: 14-18 November 2022

DXY

On the daily chart, DXY created a new supply zone around 109.565-111.355 levels and showed strong bearish evidence to the downside.

The next potential target is to test the 105.142 level. If price retraces back up after testing this demand zone, we wait for it to test the 109.565 level and show enough bearish evidence to go short.

DXY Forex Analysis

EURUSD

On the daily chart, EURUSD created a new demand zone around 0.99029-1.00723 levels and showed strong bullish evidence to the upside.

Price is now testing the supply zone around 1.03622-1.04869 levels, if this zone holds and we get enough bearish evidence, we go short. If price breaks above this zone, we continue buying the EURUSD with a potential target at 1.07699 level.

EURUSD Forex Analysis

GBPUSD

On the daily chart, GBPUSD created a new demand zone around 1.13311-1.15399 levels and showed strong bullish evidence to the upside.

The next potential target it to test 1.20050 level. If price breaks above this zone, the next target is 1.24795 level.

If the 1.20050 level holds and we see a retracement down to 1.15399, we wait for bullish evidence to go long.

GBPUSD Forex Analysis

AUDUSD

On the daily chart, AUDUSD created a new demand zone around 0.63880-0.65046 levels and showed strong bullish evidence to the upside.

If price breaks above 0.67663 level, the next potential targets are 0.68235 and 0.70655 levels.

We could see a correction move down to 0.65046 level before we continue going long.

AUDUSD Forex Analysis

NZDUSD

On the daily chart, NZDUSD created a new demand zone around 0.58408-0.59538 levels and showed strong bullish evidence to the upside.

If price continues to move higher, the next potential target is 0.62485 level.

Same as AUDUSD, we could see a correction move down to 0.59538 level before retracing back up to 0.62485 and 0.63969 levels.

NZDUSD Forex Analysis

USDCAD

On the daily chart, USDCAD created a new supply zone around 1.34183-1.35742 levels and showed strong bearish evidence to the downside.

The next potential target is to test the 1.30495 level.

USDCAD Forex Analysis

USDCHF

On the daily chart, USDCHF created a new supply zone around 0.98310-0.99283 levels and showed strong bearish evidence to the downside.

If price tests 0.93435 level and shows enough bullish evidence, we go long to 0.96000.

USDCHF Forex Analysis

USDJPY

On the daily chart, USDJPY created a new supply zone around 145.245-146.926 levels and showed strong bearish evidence to the downside.

If price tests 137.469 level and shows enough bullish evidence, we go long. If price breaks below 135.735 level, the next potential target is 133.107 level.

USDJPY Forex Analysis

XAUUSD

On the weekly chart, Gold created a new demand zone around 1617.228-1682.573 levels and showed strong bullish evidence to the upside.

The next potential target is to test the 1851.701 level. If price breaks above this zone, we could see a bullish continuation to 1970.859 level.

XAUUSD Forex Analysis

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