Weekly Forex Analysis: 25-29 April 2022

US dollar index

On the daily chart, DXY tested the demand zone around 99.566-100.327 levels and still showing enough bullish evidence to the upside.

The next potential target is to test the supply zone around 102.804-103.852 levels. If we get enough bearish evidence at this zone, we short.

EUR/USD

On the daily chart, EUR/USD is still moving down and trading near weekly demand zone which is a strong zone where we could see signs of trend reversal.

If price tests one of these levels 1.06758 or 1.05099 and shows enough bullish evidence to the upside, we go long.

GBP/USD

On the weekly chart, GBP/USD is still in a downtrend approaching a weekly demand zone around 1.24848-1.26701 levels.

If price tests this demand zone and shows enough bullish evidence, we go long with a target at 1.32099 level.

If price breaks below this demand zone, the bearish momentum will continue and we will look for buying opportunities below 1.22 level.

AUD/USD

On the daily chart, AUD/USD showed strong bearish evidence to the downside with a potential trend reversal if the demand zone around 0.7163-0.72273 levels holds.

If price breaks this zone and continues to the downside, we wait for it to test the 0.7032 level to go long.

NZD/USD

On the daily chart, NZD/USD tested the supply zone around 0.8132-0.68992 levels and showed strong bearish evidence to the downside.

If price breaks below 0.65270 level, the next potential target is 0.64227 level.

USD/CAD

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

The next potential target is 1.27638 level. If price continues to the upside and breaks above 1.28742 level, the next target is 1.29100 level.

If the supply zone around 1.27638-1.28742 levels holds and price shows enough bearish evidence, we short.

USD/CHF

On the daily chart, USD/CHF created a new demand zone around 0.94094-0.94537 levels and showed enough bullish evidence to the upside.

If price violates this supply zone, the next potential target is 0.97641 level. Otherwise, price will move all the way down to 0.94537 level.

USD/JPY

On the weekly chart, USD/JPY created a demand zone around 114.210-115.615 levels and moved all the way up to test the supply zone around 126.718-129.299 levels.

If price violates this supply zone, the next potential target is 132.463 level. If we get enough bearish evidence around this zone, we short.

XAU/USD

On the 4 hour chart, Gold tested the supply zone around 1953.068-1957.931 levels and showed some bearish evidence to the downside.

The next potential target is to move all the way down to 1892.997 level. If we get enough bullish evidence, we go long, otherwise we keep on selling at newly formed supply zones.

Crude Oil

On the daily chart, Crude oil is still moving sideways with a new supply zone created around 106.48-108.98 levels.

The next potential target is to test the 95.79 level and see if we get enough bullish evidence to go long. If price violates this demand zone, we wait for a buying opportunity below current 90 level.

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