Weekly Forex Analysis: 5-9 December 2022

DXY

On the weekly chart, DXY created a new supply zone around 106.034-108.026 levels and showed strong bearish evidence to the downside.

If price tests the 102.674 level and shows enough bullish price action, we go long to 106.034 level as a potential target.

DXY Forex Analysis

EURUSD

On the daily chart, EURUSD tested the demand zone around 1.02179-1.03059 levels and showed strong bullish evidence to the upside.

If price tests the 1.07699 level and shows enough bearish price action, we short to 1.03059 level as a potential target.

EURUSD Forex Analysis

GBPUSD

On the weekly chart, GBPUSD tested the demand zone around 1.03592-1.11514 levels and showed strong bullish evidence to the upside.

If price tests the 1.24795 level and shows enough bearish price action, we short to 1.18 level as a potential target.

If price breaks above 1.26549 level, the next potential target is 1.32067 level.

GBPUSD Forex Analysis

AUDUSD

On the daily chart, AUDUSD tested the supply zone around 0.68235-0.69123 levels and showed some bearish evidence to the downside.

If this supply zone holds, the next potential target is 0.66631 level.

If price breaks above it, we wait for price to test 0.70166 level and go short.

AUDUSD Forex Analysis

USDCAD

On the weekly chart, USDCAD tested the supply zone around 1.36046-1.39762 levels and showed some bearish evidence to the downside.

If price breaks below last week’s low, the next potential target is 1.31237 level.

USDCAD Forex Analysis

USDCHF

On the weekly chart, USDCHF tested the demand zone around 0.91963-0.93391 levels and if it shows enough bullish price action, we go long. The next potential targets are 0.96290 and 0.97960 levels.

USDCHF Forex Analysis

USDJPY

On the weekly chart, USDJPY created a new supply zone around 138.919-142.365 levels and showed strong bearish evidence to the downside.

If price tests the demand zone around 126.249-130.810 levels and shows enough bullish price action, we go long. The next potential targets are 138.919 and 146.521 levels.

USDJPY Forex Analysis

XAUUSD

On the daily chart, Gold tested the supply zone around 1803.186-1814.671 levels and showed some bearish evidence to the downside.

If this supply zone holds, the next potential target is 1755.810 level.

XAUUSD Forex Analysis

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