Weekly Forex Analysis: 2-6 May 2022

US dollar index

On the weekly chart, DXY created a new demand zone around 99.590-101.041 levels and showed strong bullish evidence to the upside.

If price continues to push higher above last week’s high, the next potential target is 106.959 level.

DXY Forex

EUR/USD

On the daily chart, EUR/USD tested the demand zone around 1.03275-1.05099 levels and showed weak bullish evidence to the upside.

If this demand zone holds, we’ll see price retracing back up to 1.07954 level.

If price breaks below 1.03275, the next potential target is 1.01852 level.

EURUSD Forex

GBP/USD

On the daily chart, GBP/USD tested the demand zone around 1.22501-1.24004 levels and showed some bullish evidence to the upside.

If price continues to show bullish momentum, the next potential target is 1.28 level.

If price breaks below 1.22501 level, the next potential target is 1.21931 level and if we get enough bullish evidence at this demand zone we go long.

GBPUSD  Forex

AUD/USD

On the daily chart, AUD/USD created a new supply zone around 0.73684-0.74568 levels and showed strong bearish evidence to the downside.

If the demand zone around 0.69670-0.70362 levels holds, we’ll see a retracement to the upside to 0.73 levels.

If price breaks this demand zone, the next potential target is 0.66854 level.

AUDUSD Forex

NZD/USD

On the daily chart, NZD/USD tested the supply zone around 0.68132-0.68992 levels and showed strong bearish evidence to the downside.

If the demand zone around 0.63588-0.64227 levels holds, we’ll see a retracement to 0.67023 level.

If price breaks below this zone, the next potential target is 0.62330 level.

NZDUSD Forex

USD/CAD

On the daily chart, USD/CAD created a new demand zone around 1.24593-1.25787 levels and showed strong bullish evidence to the upside.

If price tests the supply zone around 1.29100-1.29675 levels and shows enough bearish evidence, we short.

USDCAD Forex

USD/CHF

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

If the supply zone around 0.98100-0.99000 levels holds, we short if we get enough bearish evidence to the downside.

USDCHF Forex

USD/JPY

On the weekly chart, USD/JPY is still in a bullish uptrend and approaching a weekly supply zone around 132.463-135.210 levels.

If price tests this supply zone and shows enough bearish evidence, we short.

USDJPY Forex

XAU/USD

On the daily chart, Gold tested a 4-hour supply zone around 1912.248-1921.842 levels and showed some bearish evidence to the downside.

If price breaks below 1845 level, the next potential target is 1832.934 level.

If price breaks above 1921 level, price will go all the way up to 1950.622 level.

Gold

Crude Oil

On the daily chart, Crude oil is moving sideways between 106 and 95 levels.

Price tested the supply zone around 106.48-108.98 levels and showed some bearish evidence to go short. If this supply zone holds, the next potential target is 95.79 level.

crude oil

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