Weekly Forex Analysis: 6-10 Dec 2021

US dollar index

On the daily chart, DXY tested the supply zone around 96.510-96.925 levels and showed weak bearish evidence to the downside.

If price retests 96.510 and this supply zone holds, we short to 95.238 and 93.515 levels as potential targets.

DXY Forex Analysis


On the daily chart, EURUSD tested the demand zone around 1.11859-1.12301 levels and showed weak bullish evidence to the upside.

If price retests 1.12301 and this demand zone holds, we go long to 1.14324 and 1.15706 levels as potential targets.

EURUSD Forex Analysis


On the daily chart, GBPUSD is testing the demand zone around 1.31070-1.31965 levels and still respecting the trendline.

If this demand zone holds and price breaks the trendline to the upside, we go long to 1.34055 and 1.36074 levels as potential targets.

GBPUSD Forex Analysis


On the daily chart, AUDUSD dropped significantly below 0.70000 level violating the demand zone around 0.69891-0.70710 levels.

If price continues moving down, the next potential targets are 0.68042 and 0.66816 levels.

AUDUSD Forex Analysis


On the daily chart, NZDUSD created a new supply zone around 0.67987-0.68685 levels and showed strong bearish evidence to the downside.

As price continues to the downside, the next potential target is 0.66116 level.

NZDUSD Forex Analysis


On the daily chart, USDCAD is showing bullish evidence to the upside with a resistance level around 1.29000.

If price breaks this resistance area, the next potential target is 1.30666 level.

USDCAD Forex Analysis


On the daily chart, USDCHF is trading near daily demand zone around 0.90861-0.91430 levels.

If price tests this demand zone and shows enough bullish evidence to the upside, we go long to retest 0.93268 level.

If price violates this demand zone, the next potential targets are 0.90640 and 0.89935 levels.

USDCHF Forex Analysis


On the daily chart, USDJPY broke the trendline confirming the supply zone around 115.077-115.543 levels.

Price might continue down to 111.465 level before retracing back up as supported by the 89 SMA.

USDJPY Forex Analysis


On the daily chart, Gold tested the demand zone around 1749.412-1761.299 levels and showed some bullish evidence to the upside.

If price breaks above the trendline, we go long to 1845.793 as potential target.

XAUUSD Forex Analysis

WTI Crude Oil

On the daily chart, Crude oil price dropped significantly from 77.63 to 63.56. Price tested the demand zone around 61.83-63.56 levels and showed weak bullish evidence to the upside.

Price might retrace back up as correction before it reverses back down to retest 63.56 and move all the way down to 53.48 level as potential target.

WTI Crude Oil Analysis

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