Weekly Forex Analysis: 31-4 November 2022

DXY

On the weekly chart, DXY tested the demand zone around 107.610-109.605 levels and showed some bullish rejection to the upside.

If this demand zone holds and price breaks above last week’s high, the next potential target is 118.007 level.

If price breaks below this demand zone, price will go all the way down to test the demand zone around 103.409-105.142 levels.

DXY Forex Analysis

EURUSD

On the daily chart, EURUSD tested the supply zone around 1.00858-1.02060 levels and showed enough bearish evidence to the downside.

If price continues to move down, the next potential target is to retest 0.96662 level.

EURUSD Forex Analysis

GBPUSD

On the daily chart, GBPUSD tested the demand zone around 1.09204-1.10981 levels and showed enough bullish evidence to the upside.

If price breaks the 1.16473 resistance level, the next potential target is 1.19233 level.

GBPUSD Forex Analysis

USDCAD

On the daily chart, USDCAD tested the supply zone around 1.39433-1.40525 levels and moved all the way down to 1.35412 level.

We expect price to continue moving sideways between 1.35412 and 1.39433 levels until it leaves the range.

USDCAD Forex Analysis

USDCHF

On the daily chart, USDCHF tested the demand zone around 0.97384-0.98709 levels and showed enough bullish evidence to the upside.

If price continues to move up, the next potential target is 1.01492 level.

USDCHF Forex Analysis

USDJPY

On the weekly chart, USDJPY tested the supply zone around 151.557-155.749 levels and showed some bearish rejection to the downside.

Price moved down to test the demand zone around 143.278-145.406 levels and showed some bullish evidence to the upside (daily chart). If price continues to move higher, the next potential targets are 151.557 and 159.638 levels.

USDJPY Forex Analysis

XAUUSD

On the daily chart, Gold is moving sideways unable to break below 1622.495 level.

If this support level holds, price might retrace back up to test the 1699.249 level. Otherwise, we wait for the breakout to short. Our potential target is to test the 1552.321 level.

XAUUSD Forex Analysis

Crude Oil

On the daily chart, Crude oil tested the demand zone around 79.24-81.96 levels and showed some bullish evidence to the upside.

As price continues to move higher, we expect a retest of the 92.04 level and a potential break above 97.60 level to reach the target at 100.88 level as potential target.

If the 92.04 level holds and price retraces back down breaking the trendline, our targets would be 81.96 and 77.97 levels.

Crude oil Forex Analysis

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