Weekly Forex Analysis: 3-7 October 2022

DXY

On the weekly chart, DXY tested the supply zone around 113.301-115.387 levels and showed some bearish evidence to the downside.

If price tests the 109.602 level and shows enough bullish evidence, we go long to 113.301 and 116.834 levels as potential targets.

If price breaks the trendline and violates the demand zone around 107.635-109.602 levels, the next potential target is 106.604 level.

DXY Forex analysis

EUR/USD

On the daily chart, EURUSD created a new demand zone around 0.95374-0.96662 levels and showed enough bullish evidence to the upside.

If price tests the 1.00765 level and shows enough bearish evidence, we short to 0.96662 and 0.91889 levels as potential targets.

Price can find some resistance around 0.9898 level.

EURUSD forex analysis

GBP/USD

On the daily chart, GBPUSD created a demand zone around 1.03489-1.07902 levels and showed strong bullish evidence to the upside.

As price approaches the supply zone around 1.13739-1.14782 levels, we expect to see some correction before it breaks the trendline and move all the way up to 1.17352 and 1.20382 levels as potential targets.

If price tests the 1.13739 level but fails to push higher, price will continue to move lower to 1.07902 level and perhaps creating a new low below 1.03489 level.

GBPUSD forex analysis

AUD/USD

On the daily chart, AUDUSD created a new supply zone around 0.64960-0.65281 levels and showed strong bearish evidence to the downside.

The next potential target is the 0.62413 level.

AUDUSD Forex Analysis

USD/CAD

On the weekly chart, USDCAD is moving higher approaching the weekly supply zone around 1.39926-1.41346 levels.

If price tests this supply zone and shows enough bearish evidence to the downside, we short to 1.34844 level.

USDCAD Forex analysis

USD/CHF

On the daily chart, USDCHF is trading near supply zone around 0.99901-1.00615 levels.

If price retests this zone and shows enough bearish evidence, we short. If price violates this supply zone, the next potential target is 1.01723 level.

USDCHF Forex Analysis

USD/JPY

On the weekly chart, USDJPY tested the supply zone around 144.467-147.689 levels and moved sideways.

If price violates this supply zone and continues moving higher, the next potential target is 157.394 level.

If this zone holds, price will retrace back down to 135.200 before resuming its bullish momentum to the upside.

USDJPY Forex Analysis

XAU/USD

On the daily chart, Gold tested the demand zone around 1572.941-1618.889 levels and showed enough bullish evidence to the upside.

If price tests the supply zone around 1695.78-1734.163 levels and shows enough bearish evidence, we short to 1618.889 and 1500.026 levels as potential targets.

XAUUSD Gold Forex Analysis

Crude Oil

On the weekly chart, price created a supply zone around 94.80-104.82 levels and showed enough bearish evidence to the downside.

The next potential target is to test the 68.69 level.

Crude Oil Forex Analysis

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