Weekly Forex Analysis: 9-13 May 2022

US dollar index

On the daily chart, DXY created a new demand zone around 99.804-100.682 levels and showed strong bullish evidence to the upside.

Price is stalling around 103 levels with a potential breakout to the upside to test the 106.003 level.

If price fails to break above 104, the next potential target is a correction move down to 100.682 level.

DXY

EUR/USD

On the daily chart, EUR/USD is testing the demand zone around 1.03275-1.05099 levels and started moving sideways.

If price violates this demand zone, the next potential target is 1.01395 level.

If this demand zone holds and price starts retracing back up, the next potential target is 1.07000 level.

EURUSD

GBP/USD

On the 4 hour chart, GBP/USD is testing the daily demand zone around 1.22501-1.24004 levels and started moving sideways.

If this daily demand zone holds, price will retrace back up to 1.25987 level.

If price breaks below 1.22501, the next potential target is 1.21931 level.

GBPUSD

NZD/USD

On the daily chart, NZD/USD created a new supply zone around 0.6414-0.65923 levels and showed enough bearish evidence to the downside.

If price breaks below 0.63588 level, the next potential target is 0.62330 level.

nzdusd

USD/CAD

On the daily chart, USD/CAD tested the demand zone around 1.26819-1.27358 levels and showed strong bullish evidence to the upside.

If price violates the supply zone around 1.29100-1.29675 levels, the next potential target is 1.31101 level.

If this supply zone holds, price will retrace back down to 1.27358 and 1.25787 levels.

USDCAD

USD/CHF

On the daily chart, USD/CHF tested the demand zone around 0.96708-0.97321 levels and showed strong bullish evidence to the upside.

If the supply zone around 0.98100-0.99000 levels holds, price will retrace back down to 0.97321 and 0.94537 levels.

If price violates this supply zone, the next potential target is 0.99584 level.

USDCHF

USD/JPY

On the weekly chart, USD/JPY is testing the weekly supply zone around 131.427-135.187 levels.

If this supply zone holds, price will move all the way down to 123.891 level as a potential target.

If price breaks above supply zone, the next potential target is 141.456 level.

USDJPY

XAU/USD

On the daily chart, Gold tested the supply zone around 1893.928-1919.926 levels and failed to show enough bearish evidence to the downside.

If this supply zone holds, price will go down to 1832.934 level as a potential target.

If price breaks above 1919.926 level, the next potential targets are 1936.699 and 1987.620 levels.

Gold

Crude Oil

On the 4 hour chart, Crude oil is still moving higher approaching a supply zone around 114.39-116.63 levels.

If price tests this supply zone and shows enough bearish evidence, we short.

If price breaks above 116.63 level, the next potential target is 124.56 level.

crude oil

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