Weekly Forex Analysis: 7-11 November 2022

DXY

On the daily chart, DXY created a new supply zone around 112.181-113.188 levels and showed strong bearish evidence to the downside.

The next potential target is to test 108.638 level if price breaks below 110.

DXY Forex Analysis

EURUSD

On the daily chart, EURUSD created a new demand zone around 0.97305-0.98190 levels and showed strong bullish evidence to the upside.

If price tests 1.00926 level ans shows enough bearish evidence, we short to 0.98190 and 0.96702 levels.

If price breaks above 1.02013, we wait until it tests 1.03622 level to short.

EURUSD Forex Analysis

GBPUSD

On the daily chart, GBPUSD is trading sideways between 1.10981 and 1.16348 levels. If price continues to move higher, the next potential targets are 1.16348 and 1.19233 levels.

If price breaks below 1.09204 level, we wait for price to test the demand zone around 1.03592-1.07912 levels to go long.

GBPUSD Forex Analysis

AUDUSD

On the daily chart, AUDUSD created a new demand zone around 0.62722-0.63488 levels and showed strong bullish evidence to the upside.

If price continues to go up, the next potential target is 0.66234 level. If this supply zone holds and we start getting bearish evidence, we short from 0.66234 to retest 0.63488 level.

AUDUSD Forex Analysis

NZDUSD

On the daily chart, NZDUSD tested the demand zone around 0.56729-0.57795 levels and showed strong bullish evidence to the upside.

If price continues to move higher, the next potential target is 0.60353 level. At this supply zone, if we get enough bearish evidence, we short with a profit target at 0.57795 level.

NZDUSD Forex Analysis

USDCAD

On the daily chart, USDCAD created a new supply zone around 1.37076-1.38106 levels and showed strong bearish evidence to the downside.

The next potential targets are 1.33420 and 1.30495 levels.

USDCAD Forex Analysis

USDCHF

On the daily chart, USDCHF tested the supply zone around 1.01492-1.02253 levels and showed strong bearish evidence to the downside.

If price breaks the trendline and continues to move lower, the next potential target is 0.96107 level.

USDCHF Forex Analysis

USDJPY

On the daily chart, USDJPY is moving sideways with a potential breakdown below 146 level.

If price manages to move below 146, the next potential target is 140.747 level.

USDJPY Forex Analysis

XAUUSD

On the weekly chart, Gold tested the demand zone around 1571.648-1627.248 levels and showed strong bullish evidence to the upside.

The next potential target is to test the 1726.811 level.

XAUUSD Forex Analysis

Crude Oil

On the daily chart, Crude oil created a new demand zone around 87.61-89.36 levels and showed strong bullish evidence to the upside.

The next potential target is to go all the way up to 99.77 level.

Crude Oil Forex Analysis

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