Weekly Forex Analysis: 4-8 April 2022

US dollar index

On the daily chart, DXY is moving sideways with a potential breakout to the upside to test the supply zone around 99.951-100.532 levels.

Price tested the demand zone around 97.420-97.728 levels and showed some bullish evidence to the upside. If this bullish momentum continues this week, we might see a retest of the 99.055 level and perhaps a breakout above this supply zone.

EURUSD

On the daily chart, EURUSD is creating a series of higher highs and higher lows but the overall sentiment is bearish.

If price moves all the way down to 1.08982 level and shows enough bullish evidence to the upside, we go long. Our potential target is 1.13053 level.

GBPUSD

On the daily chart, GBPUSD created a new demand zone around 1.29998-1.30391 levels and showed enough bullish evidence to the upside.

If price retest this demand zone, we go long. Our potential targets are 1.33448 and 1.35385 levels.

AUDUSD

On the daily chart, AUDUSD tested the supply zone around 0.75038-0.75573 levels and started moving sideways.

If this supply zone holds, price is expected to move all the way down to 0.74055 and 0.72276 levels as potential targets.

NZDUSD

On the daily chart, NZDUSD tested the supply zone around 0.69939-0.70546 levels and started moving sideways.

If this supply zone holds and price breaks below the trend line, the next potential target is 0.67721 level.

USDCAD

On the daily chart, USDCAD is trading near daily demand zone around 1.23295-1.24019 levels.

If price tests this demand zone and shows enough bullish evidence to the upside, we go long.

USDCHF

On the daily chart, USDCHF is moving sideways. Price is trading near daily demand zone around 0.91085-0.91595 levels.

If price retests this zone and shows enough bullish evidence to the upside, we go long with a potential target at 0.93989 level.

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