Weekly Forex Analysis:16-20 January 2023

DXY

On the weekly chart, DXY created a supply zone around 112.082-114.848 levels and showed strong bearish evidence to the downside.

Price now is testing the support level around 102 level, if it breaks below that level, the next potential target is to test the 99.421 level.

We might see a rebound to the upside if the demand zone around 97.686-99.421 levels holds.

DXY Forex Analysis

EURUSD

On the daily chart, EURUSD created a new demand zone around 1.07132-1.07762 levels and showed some bullish evidence to the upside.

If price continues to show bullish price action, the next potential targets are 1.10604 and 1.1500 levels.

If price tests 1.10604 level, we might see some correction move to retest the 1.07762 level before moving all the way up to our targets.

EURUSD Forex Analysis

GBPUSD

On the weekly chart, GBPUSD tested the demand zone around 1.17192-1.18872 levels and showed some bullish evidence to the upside.

The next potential target is to test the 1.24630 level as price will try to test and break above this supply zone. If price breaks this supply zone, the next target is 1.31908 level.

GBPUSD Forex Analysis

AUDUSD

On the daily chart, AUDUSD created a new demand zone around 0.68543-0.69137 levels and showed some bullish evidence to the upside.

If price continues to show bullish price action, the next potential targets are 0.70760 and 0.71880 levels.

AUDUSD Forex Analysis

USDCAD

On the daily chart, USDCAD is moving sideways between 1.32626 and 1.37041 levels.

Price is heading down towards 1.32626 level, if this demand zone holds, we could see a rebound to the upside to test the 1.35000 level.

If price breaks below this supply zone, the next potential target is 1.30264 level.

USDCAD Forex Analysis

USDCHF

On the daily chart, USDCHF created a supply zone around 0.98285-0.99272 levels and showed strong bearish evidence to the downside.

If price tests the 0.91575 level and shows enough bullish price action, we go long to 0.93547 level.

If price breaks below this demand zone, the next potential target is 0.89928 level.

USDCHF Forex Analysis

USDJPY

On the daily chart, USDJPY is testing the demand zone around 126.402-127.597 levels. If this demand zone holds, price might retrace back up to 130.598 level.

If price breaks below this zone, the next potential target is 121.322 level.

USDJPY Forex Analysis

XAUUSD

On the daily chart, Gold created a new demand zone around 1825.884-1867.065 levels and showed strong bullish evidence to the upside.

The next potential target is to test the 1995.288 level as there is nothing to stop the price from reaching the previous resistance level around 2000.

XAUUSD Forex Analysis

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