Weekly Forex Analysis: 28-4 Mar 2022

US dollar index

On the daily chart, DXY retested the supply zone around 97.101-97.806 levels and showed strong bearish evidence to the downside.

If price tests the 95.778 level and shows enough bullish confluence, we go long to 97.101 and 98.751 levels as potential targets.

forex analysis

EURUSD

On the daily chart, EURUSD is moving sideways testing the demand zone around 1.10709-1.11539 levels and showing strong bullish evidence to the upside.

If price retests 1.14423 level and retraces back down, the next potential target is 1.11539 and if it breaks below 1.10709 level, price might go all the way down to 1.09990 level.

forex analysis

GBPUSD

On the daily chart, GBPUSD created a supply zone around 1.35429-1.36421 levels and showed strong bearish evidence to the downside.

Price might move sideways between 1.32600 and 1.35429 levels before breaking out to either directions.

forex analysis

AUDUSD

On the daily chart, AUDUSD tested the supply zone around 0.72799-0.73118 levels and showed srong bearish evidence to the downside.

If price retests this supply zone again and it holds, we short to 0.70355 level as potential target.

If price breaks above 0.73118 level, the next potential target is 0.75044 level.

NZDUSD

On the daily chart, NZDUSD tested the demand zone around 0.65935-0.66406 levels and showed strong bullish evidence to the upside.

The next potential target is to retest the 0.68531 level and if it breaks above this supply zone we have another potential target at 0.69427 level.

forex analysis

USDCAD

On the daily chart, USDCAD almost tested the supply zone around 1.29100-1.29675 levels and showed strong bearish evidence to the downside.

The next potential target is to move all the way down to 1.25253 level.

forex analysis

USDJPY

On the weekly chart, USDJPY created a demand zone around 113.480-114.120 levels and moved sideways.

If price breaks above 116.674 resistance level, the next potential target is 118.501 level.

forex analysis

XAUUSD

On the daily chart, Gold tested the weekly supply zone around 1973.646-2074.960 levels and showed a strong rejection to the downside.

If price continues to show bearish momentum, the next potential target is 1834.186 level.

If price tests the demand zone around 1820.466-1834.186 levels and shows enough bullish evidence to the upside, we go long.

forex analysis

Crude Oil

On the daily chart, Crude oil tested the supply zone around 100.33-102.57 levels and showed strong bearish rejection to the downside.

If price continues to trade below 90 level, the next potential target is to test the 85.15 level.

If this demand zone holds and we get enough bullish evidence, we go long.

forex analysis

Risk Disclaimer: By viewing any material or using the information within this site, you agree that it is general educational material and you will not hold anybody or entity responsible for loss or damages resulting from the content provided here by “TradingFXHub”. The owner of this website is not a licensed financial advisor, your trades are the result of your actions and not his. If at any time you use any advice or opinion stated in this website and you lose money, this is your fault and you should not hold TradingFXHub accountable. TradingFXHub has no control over your trading account, and therefore, your money. Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Past performance is not indicative of future results. The high degree of leverage can work against you as well as for you. The possibility exists that you could sustain a loss of some or all your initial investment and therefore you should not invest money you cannot afford to lose. Individual results vary and no representation is made that clients will or are likely to achieve profits or incur losses comparable to those that may be shown.